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brldwide Construction 
igement-. • 
ephone: 01-422 3488 
922810' 









No. 27,671 


Monday September 25 1978 


*** 


lop 


& 

TS75 



SURVEYORS VALUERS AND 
AUCTIONEERS OF REAL ESTATE 


Healey & Baker 


Esatbistt£fl&20ln London 
29 SC. Gaorge Street. Hanover SquEMre. 
London W1A38G 01-62^9292 

CITY OF LONDON 118 OLD BROAD STREET 
LONDON EC2NIAR 01-3284361 



CONTINENTAL SELLING WICBt AUSTRIA Sdt IS;' BRGUIH Fr 15| DENMARK Kr 3.5 t 


FRANCE Fr 3.0: GERMANY DM 2.0: ITALT L 500; NETHERLANDS FI 3.0: NORWAY Kr 33: PORTUGAL E*C 30* STAIN Ft* 40; SWEDBI Kr 335; SWITZERLAND Fr 3.0; EIRE 15p 


s .. summary 


BUSINESS 


Company 

law 

reforms 

nearer 


• LONG-POSTPONED reforms 
of company law. including a ban 
Arab summit in Damascus on Insider share dealing, 'stay be 
ten Syria. Algeria. Libya brought before Parliament 
the Palestine Liberation soon, now that the absence of 
]i sat ion has decided to an election has left scope for 
; off economic and political non-controversial l eg i slatio n, 
Jr :^with Egypt and setup Joint Ministers aTe expected to con- 
'cai and military commands, sider this week, whether to, rntro- 
- . ’» four-day conference also ducc in the coming session the 
d to wreck the peace draft Bill in the White Paper 
• ila agreed between Presi- " Changes in Company*- Law.” 
; Sadat and Prime Minister presented to Parliament in July 
i at Camp David. by Trade Secretary Mr. Edmund 

*cl’s Cabinet agreed the ® e ^- 
■; • David proposals by 21 The bill also provides for 
to two with two absten- tightening the law concerning 
companies* loans to their direc- 
•us Vance. VS. Secretary of would implement the 

- ended his Middle East lour EEr ' s second directive on com- 
four hours of talks with law through the introduc- 

lent Assad of Syria. Back lic *n °f a new definition of public 
' >age 2 companies. Back Page . •*' 

;cer death: • OUTFLOW of foreign 

>• exchange from Iran is reported 

-• . cnargea to have increased from an 

. t-year-oW man appears in ave S| e a day t0 as wuch 

at Birmingham todac as 550™ a day, as a result of 

ed with murder following u ,? re ?* cow, te-y- 

’ - eath of Vernon Brown, 21. . F u orei «a bankers m lrmmggest 

Town died under the wheels that STOOm may have left, the 
■ : - bus on the way to the eountr y since the imposition of 
•' ngham - Chelsea soccer PI** 1 * 1 law in major urban areas 
. • . 16 days ago. Back Page 



hing talks 


Industry seeks > 
more bank aid 

• STRONG revival in industry's 
demand for bank flnanee in 
recent months is confii-taed by 
the latest breakdown of lading, 
published today by the B 
England. Tn the three-mo 
mid-August, the banks.'. total 



fishery Ministers resume 
V talks in Brussels today 
I.the UK's John Silkin Likely 
_■ • the veto' to block a system 
tional catch quotas, which 
■- een proposed by the Com- 
. in. Page 2 

wsboy theory 

' ? believe the raiders who 

newsboy Carl Bridgewater, .. ... _ „„ 

hen he disturbed them may ^ng advances to the UK p 
jnnected with- a series of scctor «>« b * £107bn Back 

: ”S!J!^SSaSSl rX • AUEW is, likely to . 

' ,rT U/U w^H official this week a slx-da 

■ SaTh! fitrike ' LOGO " workers-' 

’ fold’s - power '• transmission 

me Lictor Unking the raids, factory in Coventry. /It 

oFrilla hattlA ■ the first strike 

erniici u<uue over the engineering federation 

iceman was' shot dead - and .members’ special problems with 
ted urban guerrillas ■ Phase Four. Page 7 
wounded In .Dortmund. . 

Gennany. The wounded • ; BIR _ GEOFFKE V HOW'E. 
were held but a third Shadow Chancellor; said that the 

Tories would campaign against 
the Government's use of 
sanctions or -blacklists against 



Finance Ministers 
say world 
best for some years 

BY JUREK MARTIN and PETER RIDDELL, Washington, Sept. 24 

THE WORLD’S Finance Ministers agreed today that the global economic 
outlook was in better balance than it had been for several years, and were 
on the verge of deciding on a substantial increase in the resources of the 
International Monetary Fund. 

For the past 24 hours the U.S. countries, and should help stabi- the divergence between the 
has thrown its decisive weight lise currency relationships. recent rapid growth of output in 

behind a 50 per cent increase in There appeared considerable the LLS. and the slower expao- 
the quotas assigned to IMF mem- unanimity among Finance sion in Europe as a whole, 
hers. It has also been negotiating Ministers about the outlook Tor A sextipr eontrat banker 
an increase of 4bn (about the world economy .. following an present said that this was the 
Soon) in annual allocations of updated assessment from the first international financial 
Special Drawing Rights, the Organisation for Economic Co- meeting for several years at 
IMF's international currency. operation and Development, which participants had not 
Formal announcement of these which represents the 24 leading finished •; discussions gloomier 
increases is expected at the end industrialised nations. This was than when they arrived, although 
of today’s discussion which pre- submitted to the committee be warned about the danger of 
cedes the annual meetings of the today. an JL* CeSS ,Jij ^phoria. , 

IMF and the World Bank The most encouraging new This mood of relatively greater 
tomorrow. The effect will be to feature is that the large cur- optimism clearly stands in sharp 
increase the unconditional bal- rency changes of the last 18 contrast „u> Iasi years annual 
anee of pavmenLs finance avail- months finally appear to be meeting. here, end tn the interim 

aide to member countries. affecting volume of trade of committee dLs^su.ns in Mexico 

\rt:>r thp mnrmno «»<ufnn nf those countries with big current City m a y- Consequently. after 
After the morning session nf t aur ni,, se c the recent expansionary moves 

today's meeting of the IMF ace °“ nr ® urpll ' ses - in West Germ an v and Japan, 

interim committee of Finance This has been shown in a ihere is much Ins pros-mre than 
Ministers. Mr. Denis Healey, slackening in the rate of growth f or <- ame t . m< , p:is i ftn tnese 
Chancellor of the Exchequer, of the volume or exports of countries to cxnaud furiber. 
said that although the last 12 Japan, an dhy an increase in the The improved mood reflects the 
months had been disappointing volume of Japanese and West dispelling of at least some un- 
for both growth and employ- German imports. cer nicty about the ability of the 

ment. and neither could be However, this has yet to he U.S. to 'implement economic 
expected to improve much in the reflected in the overall trade policies .believed tn be necessary 
year ahead, the prospects were balances, because of offsetting President Carter's success at 
for much more even distribution price effects. the Camp David Middle East 

of expansion. The OECD is projecting a more summit is seen as haying 

This, he said, should be helpful even distribution of current strengthened his position vis-a- 
in reducing divergences in the account balances next year, vis Congress: the U.S. Admini- 
ba lance of payments of the major reflecting also a narrowing in Consumed on Back Page 


Dispute 
oyer plan 
for butter 
subsidy 

BY CHRISTOPHER PAR ICES 

A PLAN which could lead to a 
cut of 6p a pound in the retail 
price of butter in Britain during 
November and December will be 
debated at a meeting of Com- 
mon Market Agriculture 
Ministers in Brussels this week. 

Agreement is not likely to 
come without a struggle. The 
Commission does not want the 
subsidy to apply to imports from 
New Zealand. 

If Britain wants non-EEC 
supplies to be subsidised then 
the Government should pay from 
its own pocket. Brussels says. 

Mr. John Silkin. Minister of 
Agriculture, does not accept this 


Ford prepared for total 

: J 

shutdown over 5% o 



BY ALAN PIKE. LABOUR CORRESPONDENT 


escaped. 

sley pelted 


Li, n_- i ■ r i . .companies breaking the new 5 

Ian Paisley lad. tomatoes These 


n at him by a woman when *£Wd toi offender 


washed a cannon in Dublin’s aEainst m, ase Three’s 
innM^nbou, »0«£1. 


10 per 


I the Ulster Protestant 
who- said the meeting had 
very well indeed.” 






O EEC steel production dropped 
by 7.1 per cent to 9.336m tonnes 
»n • August, according to sea- 
.renes pCaCPtUI .tonally adjusted figures released 
race-related marches passed ! n Brussels. *nie drop is expected 
-- eacefulfy in London. About t0 E 1V ® a “I*? t0 J. 11 ? Da ^‘ 
- National Front supporters non plan fnr rationalising the 
outnumbered by 3.00ft police EEC steel industry. Page 2 

2iSj°i!!lL?5 a 1 5!if • ANNUAL rate of retail price 
i whh a inflation could double next year. 

■ a * L Kfvmn nipn a nrtTT»iiPr« according to a monetarist model 
. at Bruton. Men and Matters of infljfrion designed by city 

■ stockbrokers de Zoete and Sevan 

d strings? i ' : p ** e * . 

:;ningrad violin maker who # MIDLAND BANK Review 
pent 50 years trying to copy published today states that un- 
eebnique ctf Stradivarius is employment benefits should be 
y ready to build the taxable and the extra revenue 
iment. with the help of used to raise the benefits. Page 
t scientists. It will be nvide 33 

; astic. # BUILDERS’ MERCHANT sales 

»fly of building materials in ibe UK 

~ “ " - .were 16.6 per cent up in July 

less Margaret left for an compared with the same month 
- aJ lour taking In the Carib- laRt year, and 6.6 per cent higher 
■ ' . Fiji, Japan and the f or 12-month period to the 

- ppines. end of July than in the previous 

than 2,000 people , joined a 12 months. Page 4 
inns rally in Trafalgar 

.' Ve - COMPAWES 

; ; bomb was set off as morals ^ BJ3 . T . GROUP chririnan Sir 
•aigner Mary Whiiebouse John spencer Wills says that 

- : m SjdDey, Australia. profits in the current year will 
.-nan Derek Taylor, with a show an advaitce on the £67m 
. cb-eyed cream doe.” won the pre-tax level . achieved in the 

nal mouse championship in year to March 31, 1978. Page 34 

by. Vork-s. _ • VAN OMUEREN, the Dutch 

oqnake jolted south-east shipping and storage company, 

, causing damage but no suffered a first half net loss of 
1es - FI 8.9m (£l.lm) this year, com- 

kly £50,000 Premium .Bond pard with a net profit of FI 2.4m 
. : goes to Basildon. Essex, in the same period last year 
' ‘ er of Bond 14 WZ 540237. Page 35 


CONTENTS OF TODAY’S ISSUE 




■rseas 2 

rid trade news 3 

/ne news — general 4, S 

— -labour T 

lagement page 12 

hnleal page 8 


Arte page 

Leader page 

UJv. companies- 

International companies 

Foreign Exchanges 

Mining Notebook 


11 

14 

34 

35 
35 
35 


FEATURES 


- ' rsidies: the new key to 

GATT agreement 14 

■m time tn the arts sale 

Doms ' 31 

• European Court: Law 
de- in vacuum 10 


The skilled worker short- 
age worsens 


12 


FT SURVEY 
Commercial motors ... 


15-30 



3T 

f 

38 

a 

u 

.‘38 


buuraae* ..... 

betters ■ 

La ■ 

■ LmhanL .......... 

Noa .aBd Mnm 
Sbam lohcmatlM., 


35 

S 

42 

10 

14 


Span 

ToMay’* Evants 
TV m< Radio ... 

Unit Trstts 

Weather 

WsrU Ecn. Ind 


-4ML Pose Lendl so Raw 


For -latest Store: Index ’phone QL346 S02S 




we can bargain 
bargain re- 


MANAGEMENT is re- meets tomorrow and is expected parr^ : r - fc__ * w 
.signed 1 b the fact that the dasn to discuss the request to ma&’e freely wiil 

oveV !ts" 5 per cent pay offer, on the stoppage official. . sponsihly.” ‘ 

which the future of the- Govern-. A decision from the other big Pa - V negotiations on iMhU of 
ment’s Phase Four pohey coold motor industry union the several other pwentiakly difficult 
depend, will bring its 23 plants Transport and General Workers, *»««»* including tanker drivers 
to a standstill. may be delayed for about a fort- ^ manual workers and local 

Senior Ford executives met to night until’ its finance and ROwnment manual work^, are 
consider options at the weekend general • purposes ■ committee imminent and the Ford dispute 
but no immediate approach by meets although it is probable already ensured that these 
the company to either the that the TGWU will give support ,taUcs wUl 001 ^ casy - 
Goverhraent or the unions is to the strike. Mr. Moss Evans. Mr. James Prior, Conservative 
tihely. general secretary of the TGWU. employment spokesman, said on 

Shop stewards will address has said that the union would BBC radio yesterday that the 
factory meetings today and urge be prepared to back any group Government's 5 per cent figure 
the company’s 57.000 manual of members standing nui against was a reasonable one for the 
employees to stop work following any Government-inspired pay country to bargain around. Bui 
the decision by union negotiators restraint. there had to be flexibility around 

°. n -f rida ^ t ° With a national Ford strike a reasonable figure. 

S «S e i now apparently inevitable and Ford has always known that It 

official only by executives of tne the Government determined' to faced a lough fight this year in 
unions involved but uus is likely defend its 5 per cent guidelines, trying to persuade its employees 
to prove a mere formality. the central question is where the to accept a 5 per cent increase 

Armed with the decision of tne g rst t0 h rea k the deadlock and this is why, deviating from 
umon -negotiators, shop stc wards wjJ1 come j rmn iLs previous position, the com- 

probably v/ill be successful in nanv wn^ DreoareH to offer talks 

persuading their members to Mr. Evans repeated yesterday JJjj * Droc jJctivflv deal ^ 

begin the strike immediately and that not only the Ford workers, ^ y 

i\>rd faces a total shut-down of but other groups must be allowed when he met 'the unions on 
production within the next day to negotiate without restraint Thursday. Mr. Paul Boots, 
or two. This will cost the com- Immediately Fords indicated that employee relations director, 
gany production of nearly 15,000 it was prepared to bargain on a stressed that there was great 
vehicles a week. free and fair basis if the unions scope for improving productivity 

. The- Amalgamated Union of would respond. “We have been through a genuine scheme accopt- 
Engiueerang Workers’ executive saying it so often that we sound able to th e Government. 

Angry British Steel retaliates 
against dumping from Europe 

BY ROY HODSON 

THE British Steel Corporation studiously avoided by British trading when they arrive in key 
is so angry about the recent Steel during this aggressive European industrial centres, 
penetration of its home market marketing operation. Executives British Steel i& calculating that 
by other EEC steel producers are calling the special consign- the delivery -of low-priced 1.000- 
thal it has started a retaliation menis “retaliatory orders.” tonne parcels of steel to Euro- 

campaign. But there is no room for P?an centres such as Dussel- 

' Large consignments of steel ambiguity about the object of dorf and Paris will act as a 

from the British strip mills are the sales campaign. The steel sharp warning to the Continental 

being sold in France, West is being roiled and delivered producer?, who are now selling 
Germanv. and Belgium at prices now. Considerable care is being so briskly into the British 
below, tiie ruling home prices given both to the timing and lb market. 

charged bv the steelmakers in the points of destination of the British Steel Jias twice as much 
those countries. deliveries so that they will have production capacity as any 

The. term '* dumping " is being the maximum impact on local Continued on Back Page 

Anglo-U.S. Rhodesia move soon 

BY OUR FOREIGN STAR? 

NEW Anglo-American efforts to the Government’s intention to centred on Rhodesia and Namibia 
break the Rhodesia deadlock are work for an all-party conference and the likelihood of increased 
expected to be announced in the oo Rhodesia. - British aid for Zambia, which is 

next few weeks in the wake of Efforts to call such a confer^ suffering severe economic 
the surprisingly cordial weekend e nce have been -blocked for problems. 

meeting in northern Nigeria months, largely because of a The UN will he the focus of 
between Mr. James Callaghan reluctance to attend by some intense diplomatic manoeuvres 
and. President Kenneth Kaunda domestic nationalist leaders who over Rhodesia and Namibia this 
of ’Zambia. _ • . have joined Mr. Ian Smith In week. 

Both the British and Rhodesian .Government. In Whitehall last Dr. Pavirt Owen, the Foreign 
Governments have denied "reports night there was no attempt to Secretary, flies to New York lo- 
tiiat - Mr. Ian Smith, the discourage speculation that day and will address the UN 
Rhodesian Prime Minister, sent Britain might now try to call a General Assembly on the position 
a message to_ Mr. Callaghan last conference. irrespective . of in southern Africa on Wednes- 
week suggesting a meeting with w hetiier all the proposed parti- day. as well as holding discus- 
min in Salisbury. cipants agreed to attend. sions with Western and African 

Mr. Kaunda return so in loarfarc 

Lusaka convinced that there had Mr- Callaghan appears to have leaders. 

been agreement on a new course succeeded, at least for the Tony Hawkins writes from 
of action over Rhodesian which moment, m one of his main Salisbury: ^Rhodesian security 
would be implemented shortly, objectives at Kano, emphasising forces destroyed 25 guerrilla 
Speaking to reporters, he re- to Mr. Kaunda. one of the key bases deep Inside Mozambique 
feired to a “ Kano accord.” fiRnrcs in southern African territory test week, Combined 
Although be would not be drawn politics. Thar Britain and her Operations headquarters said last 
on what this entailed, he said: Western allies are determined to night in its first detailed corn- 
et think you will he seeing that press on with efforts for nego- ment nf the raids, believed to 
in a few. weeks' time.” tiated solutions in both Rhodesia have lasted four days. 

.British officials were equally and Namibia, despite severe set- The communique said there 
reluctant to spell out what was backs in recent weeks. had been a dash with Mozam- 

in the offing, beyond re-stating Discussions appear to have bique troops. 



Mr. John Silkin 


line of argument. He plans to 
insist that the money should be 
spent as be chooses and that all 
supplies of butter in Britain 
should benefit equally. 

New Zealand supplies about 
a third of Britain’s butter, and 
Continental exporters are eager 
to exclude this competition. A 
subsidy for them but excluding 
New Zealand brands would help 
build their market shares. 

Rising prices have severely 
reduced butter consumption in 
the UK this year. In the second 
quarter, according to Ministry 
of Agriculture figures out today, 
average consumption was 4.39 oz 
per head per week, down from 
4.74 oz in the previous quarter. 

The so-called Christmas bonus 
butter subsidy, limited to 50.000 
tonnes, would cost the EEC Farm 
Fund about £6.5m. and repre- 
sent Britain's share of i 
Community wide allocation 
which is aimed at reducing the 
Common Market’s butter 
mountain. 

This country was excluded 
from a similar highly successful 
project last Christmas because 
it was already benefiting from 
a heavy subsidy on all retail 
sales of butter. 

This year, since that subsidy 
is being phased out the UK will 
qualify for the Christmas bonus. 


UK insurance 
broker may 
link with U.S. 

BY JOHN MOORE 

C. T. BOWRING, one -of the panies and a real estatee con- 
largest insurance broking groups -suiting firm- ' 
in the UK. is discussing a plan Pre-tax profits of the Bowing 
to co-ordinate and combine all Group, which also has substantial 
its insurance interests with credit finance, leasing, merchant 
Marsh and McLennan Companies, banking, shipping arid eogmeer- 
of the U.S.. the world’s largest me interests, were £33m. in 19m. 
insurance broking group. insurance interests contr - 

So far, discussions have only *>uted over £23m to the total. 


iar, uibcusbions nave um ~ hn c T Bowrinfi (insurance) 
reached a preliminary stage and w - hich "controls the 

many legal, tax and other matters 
have yet to be thrashed out 


Holdings. 

insurance 

accounted 

figure. 

Because 


hrokinc activities, 
for £20m of that 


before a final agreement is 

reached. The details will then , _ . 

be submitted to The shareholders Because it Is an apprmca 
of both these puhlicly quoted Lloyd's of London insurance 
groups for approval. broker. Bownns submitted the 

The deal, which is not a take- proposals to the Llyod s ruling 
over or a conventional merger committee last Friday tor 
of two publicly quoted com- clearance. ; 

panies, is to be arranged con- Lloyd’s said yesterday that in 
tracrually but will not involve order to “ continue to exercise 
any transaction in the stock of the self-regulatory powers 
either Marsh or Bowring or their tial to the continued efficiency 
subsidiaries. of the market it is necessary' that 

the control of firm s operations 
in *he Lloyd's market should rest 
1 racing firmly in the hands of people 

„ . . . , with long experience in that 

Mr. Ivor Binney. chairman and market ” 
chief executive of C. T. Bowring However Lloyd’s committee 
(Insurance) Holdings, who took •• welcomed the publiclv declared 
the initiative on the deal at a j ntent ion of C. T. Bo wring and 
meeting with Marsh in June, Karsb and McLennan Corn- 
said yesterday that Bownng and panjes that if the combination 
Marsh were “ putting everything p i ans are completed these re- 
mto one pot so that we have qu irements will be met" 
identical interests." Both Marsh .. . T 

and Bowring have had many „ Earl ?« J? ar * Sh £ 255 
♦«w*irwr u«i,J V™. ’ Committee blocked a bid attempt 

by Marsh and McLennan for 


trading links for years. 

nsSF-aSS Sf^wrsas 

Anglo Continental Company. 

most significant development in * ,, . , 

the insurance activities of the . Lloyd s rated .that insurance 
Bowring group.” The negotia- 'nterateoutelde it* market could 
tions are “ directed to establish- not normally hold In ore I 
ing the first truly international Per cen of a Lloyd * broker 1 The 

ajss" brokeraBe ,nd c ” sult ' sMiSfj? ffiik'M 

“ Fnr " March md MpUnnan for another UK Insurance broker 

this «ep “5ld rep™«”“e h“'!f f," d w ^ 5u1> 

keystone in the culmination of sljm tially revamped, 
their strategy in developing a * 
world wide organisation further ADDFOV^fl 
to improving their service to rr 
clients. The latest arrangement was 

“For Bowring, it would in approved unanimously by the 
addition create an exciting. Committee of Lloyd's. Mr. 
opportunity to accelerate its Binney; who is on the committee 
development with ' the largest not vote - . , 

insurance broking gronp in the There was some doubt yester- 
world." v day over what Marsh and 

How the arrangement -is to McLennan’s intentions were over 
work in practice has not yet been I® trading link with other UK 
sorted out by the two groups, insurance brokers. 

But an early announcement had tel order to place business 
to be made to satisfy the U.S. with Lloyd's. American and other 
Securities and Exchange Com- overseas brokers have to. funnel 
mission's rules. their business through recog- 

After the reorganisation plans nised Lloyd’s brokers, 
are completed— and talks could Marsh and McLennan already 
last until the end of the year— has a 20 per cent holding in 
both groups are expected to have the British broker. Bland Payne, 
an equal voice oh the new group- through which it passes a sub- 
ing. There will be no casting stantial amount of business, 
vote. C. T. Bowring, which in turn 

In 1977, March and McLennan has considerable trading links 
Companies* showed operating with Fred S. James, Alexander 
revenues of $415m. some 92 per and Alexander, Frank B. HalL 
cent of which were insurance and Wilicox Baringer. some of 
related. After tax earnings the largest brokers in the UJS. 
amounted to 356.1m, a figure and competitors of Marsh and 
which included the profits from McLennan, said yesterday that 
its non-insurance Interests — the “ nothing will be done to disturb 
investment management com- those relationships." 


»■• •• •- j. ■rWmb...-- 



Sotrth African Puma ys.. 


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fehTrioghamO^fl 9605. .viiueioiW. 443 #, f : 

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m 



BSnancjal Times Monday 


OV ERSE ASS NEWS 


Sadat’s envoys will seek 
moderate Arab backing 


BY ROGER MATTHEWS 


CAIRO, Sept. 24. 


EGYPT launched today what la attitudes will govern the chances the leaders of Syria. Algeria, 
expected to be an intensive diplo- for comprehensive settlement Libya, South Yemen and the 


Riyadh 

stresses 

Arab 

solidarity 

By Jamie Buchan 


Clash expected as O 
Ministers debate fish 



leak in . . 
Abu Dhabi 


bo 


BY CHRISTOPHER PARKES 


COMMON MARKET Ministers at a meeting -with fishermen in .despite a ban. P*2«!Ll3*£ ?h£ 

responsible for fisheries sre ex- Aberdeen recently, where he knows to have overnsoea 

pected to cross swords again with warned that his basic demands North Sea and ‘* un, P® Q 

Britain's Mr. John Silkin in remained unchanged. catches overboard wnen ms- 


Brussels 


.( njatic campaign to persuade the Wile King Hussein of Jordan Pa iUtme liberation Oreanisa- 

? srstss ewes rsrp b# ™ 

J| K5 — - *“ k at Camp -7 s 

1 -^Mrf'Hasian Tuhamy. » Depot, about Jbedan^ inherent in a “*““£■*»*; 3^“ 

2 fe^a M For St taiks Wa ^ith eDt Kin2 "en™ te " ally ao chance of a credible 

5 Kbaled of Saudi MU* and . Neither^ Saudis nor the Jor- 


conservation measures covered. 


JEDDAH, Sept- 24. 'Government’s unilateral impost- would remain in place* he. said, . . ct;nriers fc a ve declared 

__ t* r- Itinn nF .tpiM Anhinn iui«TWiIe in nnii ha nlnimail ihot 1 hatrinn oo1«V ' JXI5Q SMHr n V. n <tvr 


By KatMeen'Iibbtnri 

- DUBAI,' Sept 24 . 


f KhalMi nf CnnH ArVhia and ncuurr are uauuu iiui iltc uui- g — , , . 

q ££eronl4ariM are' ifkrfv t<fbe danians are likely to give Mr. up with a headquarters outside iec ^”L ord '°? to ? 
i «.e Si few Sadat the encouragement he so Cairo. ™d today by the 

S daysT 8 BJriThharay h who Slaved urgently needs unless there is a Meanwhile Mr. Sadat, who 
• ? role P David, is 52l IS Kfii t£ JS5SL?w2; T ? eiv '* “ _ wel ““? that toe sumraiK orinrh 


IvaQfl uidi rtuouier sore point, parutu- — r - “ — of MimsieTS is , c — IT - J". 

fat Camp larly with the Irish. Danish and ness, he would not hesitate to nse JThe Council plans tank on its,.D£ fctaMqttid 

towards German Ministers, is his rigid it again in tuture. s*^uled + ™ J3XJ reciprocal aatnral MJMjfpMnSn.-iD 

L settle- insistence that British fishermen National ' conservation aimed . at . the Euro- soturces Jn AbuJMia61.Cjnlfca.uE 

should have the lion's share of measures urmch have affected fishery aeais oerweep_ui ^ united-- ; Arab, . aerates 

«.Aieaienti®sb within the national 200 mile herring fleets, shrimpers and the Wan CommuaKy areu . o * (UAE). The $M5 ul- gas .plant 

? 4udi !»ne- mackerel fisheries, have ■ been JftJand and .the Farow. ^ tot to Jamtla.the 

£ saud 1 And a clash is expected over a bitterly attacked in Europe. - Silkin. however, is xp n Gulf and € Ver. sim» its ,cdta-= 


m Saudi lzone - macjcerei nsnenes, nave o 

istrv the Saudi j And a clash is expected over a bitterly attacked in Europe^ 
pvtiVocdh C anvietv new German attempt to outflank Mr. Silkin amis to demonst 

expresed ? nv , - cui-c m have rhat hie onnonenTS have - d 


“'•SPSJSSLS ■MS2 JSSr-’SSb^lfic countries 


forthcoming 


■ nFJ&SffaSW* domSS dogged * egpe'^e tefflS V 
policy bos been >oAed out ; 

at the heart. .-British officials hope that, npw appeared in onie-' c®-the • • 


- Egypt's envoys will face an up- Although Mr. Sadat as dearly He has promised a major t i, P / a ra M nf j unanimity, and that the Govern- of the Commission's plans, fora.the election doubts have been pj an f S storage tanks' and- iater 

lull task as has already been disappointed a 1 moderate Arab Cabinet reshuffle and has also to nrS™ , n \rJ ^luienr's representative must retain Common Fisheries Policy. .'dissipated, work will accelerate jnvestigiattoh- revealed r'sUaihr • 
made dear in statements from reaction, there was little to cause ensure that his New National Arih I ^ ctate- the ri ? ht tn use the vet0 where German fishermen have been . ana . a basic settlement on less serious pnofateaoi in' 

the Saudi Cabinet and from Srim concern in flbe final text of Democratic party becomes an sonaarTty - tIie sia national interests are endangerd. caught cut trawling for cod dffL fisheries might be reached by the t ho wnniten- -unit '^e'firgt hj-~ 

Tm .I .- U.. ««.. _ 4._4.~_ u .l. pvrwmpnt Kariiraan nnKffnol meni saia. I nnlnniv fha Vqrl Cnii?* nf CnumlnnJ ^n^.nmhsr ‘ ' . ■ i - ' b. 


/ Jordan, the two states whose lie agreement reached between effective political force. 

■■ 

i Begin wins Cabinet’s approval 
for Camp David accords 


«Y DAVID LENNON 


»< “"»•»< M.miw" TEL AVTV, Sept. 24. tne raiesnne u Deration oream- 1 reieawsu ui diusscis. ii« 9H«i> k«iuu, muusuj ausijaia uere ooserv«u uv ““r^. ~~ nri - ToixjT v ,.r_‘ . 

sation fPLO) as the sole repre- reduction to 9^J36m tonnes from have already begun to point out; steel com pa rues. Added to that. ine wmjshtm prooj«ns nave 

jatAEL-S Cabinet today held a internal debate, on the emotion, yesterday while other groups re "» a «™ the Paleriinians ! f“KL, “[LSS ft 0 f m 2 to r S,^ UPSU i3^°rS il1 STw 'S 

lengthy discussion □□ the Camp aliy charged issue of dismantling persist in attempts to establish O v « r tbe question of Jerusalem. 10 . 732m to on es th r o u o u t th e seasonal adiusment, EEC steel- exports tr ^f£5™ e f ram the bility of heavy indmrtrv 4n rhl 

David agreements and approved settlements in Sinai and on the new sites on the West Bank. J rr \ Va °“ to l d that the cammwnl? is expected io SF ** _a retaliatory measures . region At the laMienL^ 

Item, by 11 votes to 2, with three possible effect on settlements in Israel’s determination to nress stahls tb® city h3d not fresh fillip to the Davila. on plan more steei dunng the first d^bt knows whether ttie i-rar.t° 

Ministers absent Mr.- Menahem other occupied territories. ahead wift aSSnv for Se heeT1 Pere "* at the sunim*r an d for disciplining and rationalising months of. 1978 than dunne the . . According to - the- current 2JL bvSv -ha 

fleein. the Prime Minister, ex. ..... TT „ autonomy for the ^ ^ U-S> - f its the EEC steel in dustiy. . same 1377 period- . . ; ..fimres orders ■ from . non-EEC 


if ’ Ja Mr. Silkin hoisted his colours the East Coast of Greenland end of December. ‘ been dosed down emrihteteiy- 'and 

Tne Saudi Government *as . • ■ j i . ili _ ^'fr* 

EEC steel production down ■: SSSSs 

prerequisites for a comprehen- ■ Ahu^ DbahT'Gas SS? 

sive settlement: The return of BY GILES MERRITT BRUSSELS, Sept 24. ^^y^ADGLjC>tTS?S 

the^ec^nitio^rf ^he^P^le^ EEC STEEL production dropped also indicated that output of the -fire plan narrowly escaped col- l ta *? ng fo ^ drr ^ ? .i aat ^ r 

tinians' right to self d»>temiina- an encouragiog 7.1 per cent nine during the month had lapse when it was revtaled that ;What 

tion. “The crux of the Palestine during August, according to registered a small decrease of “its minimum pnees and produe- ana- sms. alone 

question.” and the acceptance of seasonally adjusted figures 0.1 per cent from the same 1977 tion quotas were not being *s i expected to take one and a 

the Palestine Liberation Oreani- released in Brussels. The sharp period, industry analysts here observed bv many European , 

.■ . - __ ft oot frftm I l. T «n that me DaS lSlatUl OTOhlAITWI hava 


BRUSSELS, Sept 24. 


been closed down cmrifrletely.'anri .. 
I the hitter restritted ih nse^ Toe 
plant is now only up! to . 73 per 
cent erf- its planned-capacity. • 

The owners and operators of 
the American .built oomptex.lhe'" 
Abu .Dhahl Gas Liquefaction 
Company .' (ADGLC), ■ are- 'now 


EEC STEEL production dropped also indicated that output of the -fire plan narrowly escaped col- j t3A ? ng , ' to 'Bunw -mder the 
an encouragiog 7.1 per cent nine during the month had lapse when it was revealed that t° try t rWhat 


Iritaui 


ahead with autonomy for the *hat th a ttc Xh T« 7t-' 
wort RAftt ct.in i, that the U.S. would clanry 


The argument with the U.S. West Bank and Gaza Strip is nn «itin». tko 
nftr Hi.rAtiftft nf th. po^roou in the future. 


The most significant cutback 


Begin, the Prime Minister, ex- ^ the rs West Bank mid Gm* ■ Strln ii 0181 the U ’ S ‘ woa,d clariftr its tteEEC steel -inauHry. same is.7 period- . . ..figures, orders ■ from . non-EEC — 

plained the Accords to his overthf deration ofth7freeze de^onftt?ted hy dla?S5ons po 5 Won in ^ future. The most significant cutback The principal area of concern buyers now show a drop, that 

colleagues. on bun d :n- n?wsStlemenrs !S Rami G - reDorts from was made by My. where output continues io be slack demand,; should heln check the American ^sign may ^have 

1 Meanwhile, demonstrations and while the peace t^ks “ei”p?2 have ^t^d wtth lSkl pSS A T mman: ^ HuSSPin made it feti from 2.029m tonnes in July with new ordere Tor July as seB-;steel- industry ' Sj threats to re- cSetiSi *' tte ronS/ Jf 
protests against eivins un settle- ««« iPri ? sminr Xiis clear m a rress conference here to 1-35 Ira tonnes last m onto. UK soually adjusted 18 per cent institute anti-dumping suits SgJSriw-— s . c ” m ^f K _W3s 

me n“ ] A th? Notice Yo throw KSalem today to that w SSSUTh^ rEZB ^S«225? veFt( ^ 1rj r th « now looks to production was 1.197m tonnes, as down on June. There to never- guSt ■ number of major EEC J£S^ J* JLJ^5 n * 1 S e 5n 
“rotectivV cordons round S aKople in fte oLnTed Tert tb<? US ' for - deta J led *™ eT ? t0 . aeainst , 1637 “ tonnes in July, theltts growing confidence here Queers. Last June's ordera, ■* 

home and office of the Prime wu fnr iJi ant ? People m tne occupiea tem- many onesfmns he raised about Frances output aeclined to tnat rile anti-crisis nlan drawm .which were reflected m Julys flesi ® ner s-.. I 111 or Japan, m- 

•'Minister and some of his cof ^ ev claimed^ to hrn' doll- Sa S p Il e F‘* mv ^ on lJ66m tonnes from 1.773m and un earlier this year by VTscoimt massive increase in -EEC steel T» ! SSJS? W? 2it a ^ d - 

leagues. mntJy eJfdenwthat^S is nirSS JSIS; 1 d T futur e of the occupied West West Germany’s August steel Etienne Davignon. the EEC exports to the TLS. totalled Si ^ L te 

: a number of Ministers have in amenient^ with this in^erpre- De T ^ en f^ s Ministry. Bank. production was almost unchanged industry commissumer, will have -.2.525m tonnes to non-EEC coun- SffSJljJj?* 116 * X“ ctor -be 

"been critical of the proposal to tation rather than the five-vear ^ “ . understood that if a He said he would be personally a t 3.554m. received a valuable boost from tries, while the comparable execution of the project, for 

"evacuate the Sinai sVemenS freeze which^ u2 s£f «£££!?" * *225 But while these August figures these latest figures. Last. Junefigure for July is 1.862m tonnes. 


steel industrv’s threats to- re- ~IJrr ^ 

institute anti-dumping suits was 

Sdnst a number of major EEC *£5*^ J 1 ■ ,?*?***"£> ^ 
producers. Last June's orders, B S r, r£i 

which were reflected in July’s V 11 of Japan, in-- 

,-norftAco >n .KF.r BtBfti corporatmg many . sopbisrticated 


>en critical of the proposal to tation. rather than the five-year p a i eS ti“nian antonomoS' council “ shattered '• if 

even^tooush^ thtois a nrerp^tisito ****** wfaich 016 US ‘ spoke of ' « established Israel will main- E°vptian^TsrafiIi peace accord I 
'of Etrrntif? tft q mAir« Settler opposition to abandon- tain relations with it through the left, the complex problem of the | 

mace with ifraS ^Thiv ^nth ing the Sixiaj vltla 8es and to the Foreign Ministry but so far there Palestinians unresolved. He 
Obiect to th* *ten as s«fth And three-mootii freeze continues are no indications that any save warning again, as he has 
fear tiiat it will lead to pressure unabated - In S 1113 ' some settlers Palestinian leader will agree to for m *ny months, that a bilateral 


fear that it will lead tn pressure unaydl ' :u - 1,1 s,l “ ai some seiners miesonian leaaer will 
.for similar steps to ttie occupied blocket? roads for several hours serve -on. such a coundL 
West Bank and on the Golan 
Heights. 

the Accords this week, as Mr. $2.4bn U.S. aid sought 

Begin has said only Parliament ” 

can take such an important ny , naum r,.^. -,r M7 Cc 

decision. He will make a state- BY L DANIa TEL AVIV, St 

Jhent to the House tomorrow 


Sinai agreement -would ^ av, e 
“ serious repercussirms " for the 
rest nf the Middle East and the 
world. 

He said it was “ the most «ensi- 


Afghanistan exodus 


BY CHRIS S HER WELL 


ISLAMABAD. Sept. 2 C 


SEVERAL thousand refugees the anti-religious policies of the] 


tivfi and serious moment *’ he have fled from Afghanistan into new regime. They are now in 


BY L DANIS. 


TEL AVIV, Sept. 24. 


ment to toe House tomorrow t „ American * Israeli - Esvptian military coup last April, 

.and Mr. Shimon Peres. Leader ISRAEL this weekend formally eluding Sl-5bn military assist- nesotiatinc process unless it was Reliable figures remai 
M the Opposition and chairman submitted its request for U.S. ance. The figure is S500m larger more clear to him- that thos«* cult to establish, but sor 


Swiss vote for 
new canton 

By John Wieki 

A LARGE majority of the Swiss 


built by immigrant labour.' 

Other problems which arose in 
the plants first, days of operation 
are currently, the -subject of a 
law suit in London between rhe 
ADGLC . and . the Norwegian 
Company of. Gotaas^Larsen, the 
owners of -the' first "tanker which 
called there. ' ' . 

As if this were not- enough. 


ive nea irom A’gnamsian into new regime, mey are now m! , tr- i i ■ thp nnAmtnrs nf ““j 

ikistan since the new Left- tribal areas south-west of the I J^torate th^ ts havine^ 0 look* 

ing regime of Mr. Nur Moham- Khyber Pass and also in remtrte[*?I™r of the creation of the nw “J“« ^ ^ 

ed Tarraki came to power in a parts near the Hindu -lftiali|“5! 0 “ r natiftSti plant "Owlr- tn fSr& nF P? 

ilitarv pmin Anr*l mniinfQTTi^ Tnpr nrp Hpthp I cent of v 0tCo polled 3t fl nstiODSl ** * ® ~ *.GpV6ni' 

5 e, .L ab .'i .rf” J L n . 55- “’sr,! «? a L “?” , 5 ps? s SSfmStewSfMS m&ES-. aSI^ rf™l iSS°?™S'S 


ITJ- , , . . . * — itc-KUUitiillu UJTJvirv, uxilr?^ I* ntiiauic iramiu uuu- uv uiudi cuuuieruorib , .wtn.'—J AwnMRfisil Ran j.^__ ; u.. 

? p F oslti “P _?° d chairman submitted its request for U.S. ance. The figure is SoOOm larger more clear to him - that tbore cult to establish, but same, esti- within Pakistan and also by -the Pf 55 ®. 1 ; Umm Sh?if fSrt ' 

J*. the Labour Party, will reply. in the fiscal year due to start than the aid approved for Israel necotiations would lead tn a full mates put the figure as high as Pakistan authorities. ™ ^ ^ olaot wac ' ■ 

'The rest of the debate is in the 1978-79 fiscal vear. start- T^riPii rerritoriai - "withdrawal ROOO-in nnn T^iouah Pathan parties Wad opposed the tnotion. Piant was prigtrifllly intendeam -- 


- e ^ of l ^ e d ® bate > s on October i 1979 The details in the 197&_79 ^cal year, start- Israeli territorial -."withdrawal 8.000-10.000. Though Pathan rnu e p a ti s » an nnrpmmwrt'j. ( c he fprt fni m 7ti ~ • "V J ^7,7i T ;T7^j “ 

■expected to take place on n “ ^ LlOD * rr - 1 J aiH ine next week from all nccuoied r Arah lands tribes straddline the frontier are „ j raK,sia11 TK> v ernmem has The Federal constitution will w tea from, has now dropped r: 

-Wednesday. - of the request were worked out f t ; 5s estimated that Israel will iSEdJhi JeSmS T n £ So^ to erw? th7 bolder fr«S5 ^ ade u n0 announcement regard- now he amended td include Jnra fom the required 550m caffe a 

» as r K-rs - 

IS?® SirSifoAS ?**■ 5?2S*«K 'SIWJSiiSKS' 


nnSh f ntIy anxious not to disturb the Frerih-speaking area in the sliortfall is being made -up. from 
hove delicate relations it has with northern Jura range, consisting cap gas. while a pipeline is Eeins 
SE Afghan 18 ^:' Since President of the districts Deletodnt, -Eor bpiU fram,-the nqarby Zakum . 
irtarv Daoud was overthrown in ‘April, rentfcyandFVanches-Montagnes,. field. . However.'the . pipeline js ; ' 


J*. .uv miiivb r a*.*.* V-- ---- ---- irom norenern amai, nor .me viFir wasn-ugron /p 

^lye today decided to support the 1 ^ occupied ^sidents of Ophira, near Sharm- but said this was 

regreement. as ®*^- - el-Sheikh, and the two tourist time and he Mon 

* Most parties are holding The request Is for S2.4bn, in- centres between Eilat and Sharm. make the trip later. 


to V be UV 5e3 dne^Mcta^'-from °?. ?°“* ° f , the . by (the first new Swiss canton to beltially higher Capital 'ebVftwS r 

— — g sanctuary from atmg Kabul earlier this month. I formed since 1848. ... 1 plant than originally thought^ ' ' 


Some couples were 
uiadelor each other. 


Moi heads for Kenya presidency 


BY JOHN WORRALL 


NAIROBI, Sept 24. 



AS EXPECTED, Kenya's acting name will be forwarded to the following the footsteps ■ of the ." 

President, Mr. Daniel. Arap Moi, special party delegates' fcon- late -President Keayatta.!* . 
has been declared the sole can- ference on October 6 for endorse- Mr. Moi’s sole nomination for 
didate for the Presidency of the ? ent -„ It ^ then be forwarded President is the. climax .of j a 

Keni-a African National Union i? rni "r 1 ? , t0 . tQe Attorney- nationwide movement in- which .' 

(Kanu), which means that to General s chambers as the party sal most a million people repre- 
effect he will be elected Presi- i- or , n ® Uona | P r es»- seating every area, tribal, social, - . . 

dent of Kenya unopposed. Kanu 18 Kenya 5 only political, professional, provincial 

.. _ _ . .... , oe facto party. . and workers organisation hi the • — ... 

Mr. Moi presented his nomina- A huge crowd cheered Mr. Moi country have trekked to Nairobi - e- - 

?,? a n rt?re Pe ftft at c?t» Kanu ^f ad ' W* ^ office «-- He in rte pSt fortoigS tb dSe Au « E?S CR’ 

quarters on Saturday. There pledged to serve Kenya “in a their loyalty to the hew oresi- 

were no other candidates. His spirit of love and dedication debt ‘ , 


INFLATION IN CHINA 


— uouuuuu aenu . . a ^ 

wve Dul 

•' !q tanker 

of the masses <feis 


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BY JOHN HOFFMANN 

CHINA'S IMAGE as a land of no 
inflation has been tarnished by 
a complaint about soaring fruit 
and vegetable prices in Peking. 

Two Peking cittoens, Chao 
Chen and Liu Wen, recently 
wrote to the official People's 
Daily newspaper protesting that 
the prices were getting beyond 
the reach of many people. The 
situation would be worse in the 
coming winter, they said, when 
farm products became scarce. 

They gave examples of com- 
modities which have doubled in 
price in the capital since last 
summer. 

In .1977 five cattles (two and 
a half kilogrammes) of tomatoes 
could be bought for 10 fen (3 
pence). This year the same 
quantity cost 20 fen. 

A kilogramme of green peas 
had risen from less than 20 fen 
to as much as 34 and cucumber 
bad doubled to 30 fen. Grapes 
which could be bought last year 
for 40 fen a kilogramme now 
cost up to SO fen. 

“ As for watermelons,” the 
writer complained, “the price 
has been kept above 10 fen a 
catty even when the fruit is 
rotten.” Their outrage is under- 
standable; watermelon ig a 
staple summer snack in Pekin** 
and people like to eat it in huce 
quantities at roadside stalls. 

“ Our salaries are compara- 
tively low and we cannot afford 
to eat fruit” they wrote. “But 
we have to eat vesetables, even 
tt f the prices are. high. 

" We arc only a few days into 
autumn and we really don't 
know what we shall do when 
winter comes. 

“Most Pekim; families have 
rouT or five mouths to feed' and 
their salaries are nnt hich— what 
will they do if things go on like 
tiiif?” they asked the People's 
Daily. “We hone you will pass 
this to responsible leading com- 
rades and ask them to come 
down and listen to the com- 
pl ai nts of the masses” . 

Messrs Chao and Liu are prob- 
ably giving voice to the concern 


.PEKING, Sept 24.,- 


of millions of people who see 
inflation at work on one of their 
most important purchases. 

Fruit and vegetables are among 
the few goods In China Tor which 
prices are overtly governed by 
seasonal supply. What the custo- 
mer pays -is decided by regional, 
commercial bureaux, rather than 
by the Government's central 
pricing body which sets natioor 


‘Our salaries are com- 
paratively low and we 
cairaotaff ord to. eat fnut 
Bat we have to eat . 
vegetables even if the 
prices are high.’ 


wide prfee levels for grain, maat 
and eggp." 

Bat grain, meat and eggs are 
rationed; (the monthly ■ ‘meat 
-allowance- to between one and 
two kilogrammes for each 
person), so vegetables are a 
principal part of.' .the Chinese 
diet ■ . 

Foreigners Bring in China are 
conscious of - tiie flaws to the 
Government's fioast.that inflation 
is non-existent. Is fact, they see 
themselves as the main victims 
of inflation -as the costs of their 
essential goods end services con- 
tinue to rise, often steeply and 
almost always arbitrarily. 

.However, there is .much to 
ad mire ".in. '.the way 'China- has. 
managed -to 'stabilise the wages 
and cost of living of its citizens. 
When the People’s Republic was 
founded to 1949 it inherited ' 
runaway inflation that had raxed - 
for 12. years- . t 

In thattime; the period of- they, 
three-cornered war among the- : 
Japanese! .the; Nationalists and- 
the- Communists, prices rose; 
more than efght-ntflHon-mmiotfv ' 
fold. Tbe^.amount bf currency 
which wbald boy two oxen in • 
1937 wooldrbuy mj eggs to. 1945 : 
and one sheet of toilet -paper i» i 
1949, ? - j 

•- ••• & :• 


e In the new China the central ; - 
r government's ability to control 
totally the currency, the bank- 
g tog system, production aid 
h expenditure, tied to Its insnla- 
y tion from outside -ecohwnic 
i- influences, brought a discipline 
J to ..the wage-price structure -that - 
3 few countries have maintained 
1 so successfully For so long. 
r : The New China News Agency 
_ gave examples recently lovHlas- . 
trate the stability of retail prices 
since 1952. 

. In that year standard grade - -, 
nee boW for 29.8 fen ■ a kilfi- 

• gramme." Today the same grato.-. 1 
costs 30.4 fen. Standard grafe : • 
flour has risen since 1952 from ; 
34.4 fen to 37 fen. White rirttWJ ".*• 
cloth bah dropped in price ip 

. ™e same period from S6.7 fen 
a metre- to 84 fen. - ; = . • 

[ Other :commodities vAich. have :.- t 

Fallen- in price include pharma- .. 

; ceuticala (down by half).' pens - 
■ and stationery (down by of» .. 

1 quarter) and some briurds fcf 
watches (down by 10 per cenfl- -V/': 
On the other hand. “ non-esseS- " 
tials ” such as tobacco.- wine afid 1 ' . 
cosmetics have, become .mbc® .' i 
expensive.. ' .- : .- . . 

Then- is some speculation iP; - 
China now that the G0verft-' >r: 
mentts new income policies- -wfl}-..*! - 
toe vita bly inrite -at least a mbdfc* - 

Bed. and -perhaps, guided, :in8S aV ? - ' ■■ 

tton. Many; 0 f China’s wock^sy " 1 - 
received pay rises last' vear aj»,V~ ; 
a: new principle of “paore 'jMff : 
for more work" is puttifig 3r 
. regular bonuses into wallets afn*-*C V - ■ 
Bank accounts. The- Government • 
which fixes prices, can hartfiV L 
-be unaware of the ease : wrth J * i . . 
which it ran attract this’ wroei*.' ■' t 
i-casn hack into the state a'ccounW- r. 7 
^bv the gentle maniputetfohffi'if'- 

• basic commodity prices. - ' 

But according to Mr. Chao aiid • ' 


to « ? ho vmite '.to th‘e“ -.- 
Peoples Daily, the Government ;^ * , -• 
baa better go easy on fh& V" •: r . : . 
vegetabxs. . u..- 1 c.* 


Mi 







S ° ea * '=**** «**»»«> paid-** Now SncvJMrl fi : • 






fci t.~- 



Financial ' Times Monday . Septemtfer2o 1978" 


WORLD TK ADE NEWS 


EEC team visits China 
to boost trade agreement 



JvzLlf i-Ll-fA 



By GUY DE JONQU1ERES. COMMON MARKET CORRESPONDENT 


BRUSSELS, Sept. 24. 


°r MAN and Arbed.m two British for its industrialisation pro- 
i5h? businessmen, representatives are - Sir Pei? r gramme. There is also consider- 

*% .v ed ny the Cmnrmssiooer for Tennant, president of the London able interest in eVDlorinc su”- 
-SxteraaJ Affairs. Herr Wilhelm Chamber of Commerce, and Mr. R esiions£H China te cSJsldij. 
faferkauip, opens talks with J. F. Williams, deputy chairman inc seeking outside financing and 
uthonues in Peking tomorrow of Foster-WbeeJer. • import credits. 

• rade h betwem S, S 1 e 11 is emphasised that the visit ^ « less clear what the EEC 

" ndChhfa “ e Commuml y is essehrialiy exploratory and is would be prepared lo buy from 
. uuwmM. . . unlikely to result in any firm China. This is a key consider*- 

irst or i5 idnd^o S%£| contracts being signed: But EEC tlon - only because of China's 
SitfteW-SeS? 2S££ officrals are keen th?t it should ”«* to generate foreign cur- 
/a?s of outline be « e n ^ a clear sign of Euro- rt ™y with which to pay for mi- 

/ay5 of putting flesh on the the op , n intpr - st in mafchinc ihp Ports but also because its agree- 


■ones of the five-year trade 
greemeot between the EEC and 


pean interest in matching the 
rapid expansion of bilateral trade 
which has recently, taken, place 


agree 

ment with the EEC. contains an 
unusual clause which explicitly 


■u . whicd na5 recently raiu?n piace . ^ 

£t Tune 1 h be I ween the People's Republic «nv, sages the maintenance of an 

351 June. . • * enmlihruim in Its hilatpr.il Trarip. 


\\n 


■ 3St 

•. The delegation, whieh will 
pend ten days in China, will hold 
xtenslve discussions with Mr. 
-4 Chaog. the Foreign Trade 
linister. and other members of 
. : be Government as well as with 
. jchnical experts. It will tour an 
idustrial fair and factories in 
banghai and Hangchow. 

The visiting ream includes 
enior representatives from 
ngineering. the oil industry, 
anking and steel. Among the 
‘■jrge companies sending top 
xecutives on the- trip are 
- ilivetti. Royal Dutch Shell. IBM 


and .lanan " equilibrium in Its hiiaterai trade. 

P u; j u ' pp- The principal inleresl is likely 

Though trade between the EEC j f , j n China’s potential as a 
and China has grown steadily supplier nf raw materials, cspeci- 
ov -f. r , e past !t 15 ally crude oil. uranium, . non 

still relatively small. Last year ferrous metals and coal. But 
EEC exports, mainly of iron the EEC may come under pres- 
and steel, chemicals; man-made. sure f rom Peking to buy some 


fibres and synthetic materials, 
amounted to about £350m. while 
imports, chiefly pf handicrafts, 
furs, textiles and -foodstuffs, 


of the finished goods whose 
exports China is deliberately 
encouraging. 

EEC officials are expected, 
however, to point out to the 


totalled about £58Qm. 

From the European standpoint Chinese authorities that the EEC 
the Chinese market offers almost market for some of these items 
unlimited potential, especially may be limited, particularly for 
for exports of capital goods, textiles and clothing, which are 
Ireland). Bruxelles Lambert, machinery. components and now subject to rigid import 

aint-Gobain-Pont - a - Mousson, technological know-how needed restrictions. 


Britain finalises finance scheme 


BY TERRY OGG 

‘ RiTISH BANKS expect to reach 
nal agreement on the proposed 
; eposit arrangements for financ- 
ig UK exports to China within 

- a next month. 

:• Full details of the proposed 
* ':beme. which has the full back- 
jg of the Export Credits Gtiaran- 
• .- _*c Department, were delivered 
•- 1 the Bank of China three weeks 

- so and it is likely that 
. nnouncetnent of agreement will 

V; e timed to coincide with the 

- 'isit of Chinese Foreign Minister, 
•<r. Huang Hua, to Britain in 

'. lid-Octobcr. 

\ While many of the UK’s lead- 
-.)£ clearing and merchant banks 
ave expressed an interest in 
articipating in the arrange- 
ments it Is thought that Standard 
• bartered and a Lloyds Bank 
iternational/S. G. Warburg 
•. artnership will be the first to 

- ravlde facilities under the 
±eme. 

-. The amount involved initially 
Li $200m (nearly £100m) and 
.) • -in be used by China to finance 
scent purchases of mining 
. quipment from three British 
-.'appliers — Dowty Group, Ander- 
. sn Strathclyde and Gullick 
'.tobson. 

“ ; All three supplied mining 
; ■ quipment to China in 1974 but, 

. n that occasion, the deal was 

- ;.nanced using ; supplier credit 
V irilities. When negotiations ior 
' te current . contracts began 

' :?me ten months ago initial 
ricing was done on the basis 
•hat supplier credit arrange- 
-ients would be required again. 

. But towards the end of June, 

ie Chinese indicated that they 


»i _ere prepared to pay cash on 
^ p i ] fj P Tiiei ivery. Since then, the nego- 
. ?.S * m >> - «*■ ations on the contracts and the 


■ ations on the contracts and the 
reposed deposit scheme have 
-roceeded to a large extent in 
indent. 

; Under the arrangements the 
ippliers get a cash cnntract 
jecifying that 10 per cent of 
. ie total will be paid when the 
mtracts are signed, S5 per cent 


is paid in Staggs as the equipment 
is delivered and the remaining 
5 per cent will be handed over 
when the Chinese are satisfied 
that the equipment is 'installed 
underground and working up io 
specifications. Deliveries Stan 
in February and March and con- 
tinue for about 12 months at a 
rate of one a month. 

The latest arrangements differ 
from those Dowty and its 
colleagues experienced pre- 
viously. The down payment was 
only S per cent of the contract 
price, 90 per cent was handed 
over on delivery and 5 per cent 
was retained. The documents all 
had to go to China for verifica- 
tion before payment was effected 
and. under the supplier credit 
facility the suppliers received 
bills of exchange which-tbey then 
had to discount. 

On the banking ride, the 
scheme is based oh buyer credit 
practices and on', corresponding 
bank relationships! \It is not so 
much a radical Change in 
financing practices m a diplo- 
matic use oT words Vnd docu- 
ments to achieve the oBtfective of 
extending the ECGD’rt prefer- 
ential credit arrangem 
Chinese buyers of UK 
goods. 

ECGD guarantees the de, 
and will also “lop up 
interest paid by the Chi 
a commercially acceptable tevel. 
Under existing practiced the rate 
of ECGD supported creffits of up 
to five years is 7.25 .per cent — 
classifying China a& ; a relatively, 
poor or interroedfate country 
under OECD regulations — but 
the Chinese have indicated on a' 
number - of occasions that they 
would like to see this rate 
lowered and it has been reported 
that the Japanese are prepared 
to offer a rate of 6.25 per cent. 

The “ top-up " rate is based on 
six month floating rate Euro- 
dollar rates. In essence, ECGD 
gives the banks a spread of 
around j per cent over the fund- 


ing rate. If Eurodollar rates 
are above the ' agreed figure 
ECGD u tops up " the banks, if 
they fall below then the banks 
pay ECGD. *. The interest rate 
subsidy for the Chinese deposit 
scheme is no different from cur- 
rent ECGD practice on other 
facilities. 

Under the scheme, a supplier 
presents the buyer with a bill 
of lading which indicates that 
goods have been loaded an board 
a specified ship. The Chinese 
approve payment and using its 
normal corresponding bank, re- 
lationships, the Bank of China 
asks a UK hank to pay the sup- 
plier. The UK bank checks with 
ECGD to ensure that the trans- 
action fits the parameters of the 
deposit scheme and then gives 
the supplier the cash. 

It is at this point that the 
main difference between the new 
scheme and normal practice 
occurs. The Bank of China needs 
cash to settle its account with 
the UK bank. It gets the cash by 
accepting a deposit equal to the 
size of tiie payment from the UK 
bank and promptly gives the 
money back. ' 

Thus the supplier gets cash on 
delivery of his goods, the 
Chinese raise the necessary cash 
to pay for, the transaction and 
the UK bank makes a deposit 
■with the Bank of China which it 
can withdraw after an agreed 
period, The words credit and 
loan have not been used through 
out the exercise. 

The initial scheme is likely to 
be extended. Not only will other 
banks and banking partnerships 
be invited to provide deposit 
facilities ', which the Bank of 
China can utilise, variations of 
the scheme will be developed to 
cover individual large projects 

But the Chinese are very cir- 
cumspect about their inter- 
national financial arrangements 
and. it will take time for new 
arrangements to be proposed, 
negotiated and finally accepted. 


UK sales to 
W. Germany 
up by 18 % 

By Guy Hawtin 

FRANKFURT. Sept. 24. 
BRITISH EXPORTS to West 
Germany rose by josl oicr 
IX per cent daring the first 
seven months of the year. How- 
ever the JJTOWlh in German 
shipments to the UK was only 
marginally less, further 
increasing the surplus in trade 
in Ihe Federal Republic's 
favour. 

Exports to West Germany, 
including those of North Sea 
Oil totalled DM 6.75bn 
($3.46hn). This compares’ with 
DM 5.72bn recorded in the 
comparable period of 1977. 

West German shipments to 
Britain went up by 17.1 prr 
cent to DM 9.48hn (S4-S7bm 
from DM S.Oflbn in the same 
period last year. At the same 
time the trade surplus with 
Britain rose from DM ZJ8bn to 
DM 2.73hn. 

The UK's tradp turnover 
with the Federal Republic is 
rising at a far greater rate 
than West Germany's average 
trade growth. Official West 
German statistics, researched 
by the British Embassy In 
Bonn, show that the Federal 
Republic's overall imports bill 
went op by only 2JI per cent, 
while non -oil imports in- 
creased by 5-2 per cent. West 
Germany's exports during the 
period under review rose by 
3 2 per cent. 

But of concern to the UK 
must be not only (he growing 
trade gap but the relatively 
slow growth of non-oil exports. 
These, according to today's 
figures were up by 13.5 per 
cent from DM 5H9bn to DM 
fi.OObn. Oil shipments on the 
other hand rose 75 per rent 
compared with the first seven 
months of 1977 from DM 427m 
to DM 747.5m. 

Both countries have substan- 
tially increased their shares 
of each other’s Import market. 
Britain's slice of the Federal 
Republic's Imports hill rose 
from 4.2 per cent in rhe com- 
parable period of 1977 to 4.8 
per cent, while West Ger- 
many's share of the British 
imports market went up from 
5.2 per cent to 5.9 per cent. 

The figures are provisionaL 


NORTH YEMEN 

Fastest growing Arab market 

BY JAMES BUXTON 

BRITAIN'S FASTEST growing 115-page report from the Com- For much of last year the main 
export market in the Arabian mlrtcc Tor Middle East Trade port of Hodeida had the worst 
.peninsular is not Saudi Arabia (COMETl. called: “Market congestion in the world, with 

| or the United Arab Emirates but opportunities and methods of ships waiting 100 days nr more 
: the. Yemen Arab Republic (North doing business in the YAR." for a berth. Now congestion has 
Yemeni. This liule country at which, unusually for such puh- been sharply reduced, because 
the sputh-v.-psi corner of Arabia lications, costs a modest £G. And many Yemeni businessmen over- 
Is ii’odergnjns a consumer boom tijls afternoon (Monday) the CBI ordered and banks stopped 
as fierce as any seen in the Arab is bolding a seminar on North issuing letters of credit for a 
world, yei it is one of the few Yemen at its headquarters at time. But business is now picking 
Arab states that are not oil 21. Totlull Street. London, SW1. up again, letters of credit are 
producers. British exports to the YAR being issued once more and some 

The reason for the hnom is "hove climbed front £9 -2m in observers believe ihat congestion 
that dbou i ] m North Yemenis 1975 *n £2S.4m last year and at Hodeida. where delays are now 
work in Saudi Arabia and nthcr reached £26.1m in the first half about 14 days, will increase 
Arabian oil states Their remit- of this year. • But though the rise afiain- even though remittances 
lances last year totalled about in Percentage terms looks im- from Saudi Arabia appear to be 
SI .4 bn arid are being spent m pressivo land the figures may stabilising. Fort handling can 
North Yemen in a frenzied rush understate the true picture be- rough and goods are often 
lo buy whatever goods are avail- cause of exports which go via damaged. 

able' before inflation, probably Saudi Arabia or South Yemen) One of the biggest British ex- 
running at well over 30 per cent, Britain has only a 5 per cent porters to the YAR is Massey 
erodes, the value of money. Cars, sbareof the Yemeni market. Fergiison, which has nearly a 
electronic ?opds. water pumps. A major opportunity is being third of the tractor ■ market, 
cannea^fruit juices and food are missed, because the bulk of the while Hawker Siddeley is en- 
Hoodin" in. merchant community. Sanaa, is gaged in selling generators. It 

Unlike niher Arab countries made up of Adenis who have is said that one can find a good 
the roam source of spending is migrated from South Yemen, market for almost anything .in 

not -the government but the They are used to and like British the YAR — Denmark sells its old 

private sector, although the goods, and are familiar with newspapers for use as wrapping 

government, too. has drawn up British business practices. — but a list of the most needed 

an -ambitious development plan. The YAR is certainly not an items would include: motor 
This envisages spending S3.6bn eaS y market to penerate. because vehicles and lorries; agricultural 
over 3 period on laying 0 f (he large number of small pumps; building materials: 

down. J ba.' , ic infrastructure and businessmen and agencies, the earth moving equipment and 
develop 11 ^ productive resource) 1 complicated distribution system, building machinery: domestic 
-nlintn . eautlfu moun ' the primitive infrastructure and electrical equipment; foodstuffs: 
,a iSw^ ph u „ n .. ar . nmar ,* p° rt congestion. It is essential clothing: footwear, and furni- 

businessmen to make per- ture. 

to rircign private ^^nvestmenf to sonal visils ' comin S wel1 briefed The YAR could certainly not 
help finance the plan the biggest 80 as not t0 wa5te 100 mucl ? time : be described as having stable 
chunk: of finance 0 is ex-pected to but b . eins P repared t0 " wa,t and internal politics, with two heads 
come from Saudi Arabia, which negotiate. of state having been assassinated 

at the end of last year pledged Yemenis like to have extended within tne past nine months, and 
$570m to development, in addi- eredit terms, partly because the P 00 ! 1 celadons, since tne death 
tlon to direct budgetary support distribution system is so elon- lP w J, i" e . "foment Ahmed al- 
This spring the government in gated that it can take months for tinashmi. with its southern 
the capital. Sanaa, said it had a merchant importer ot get paid neighbour, the Peoples Demo- 
received commitments of Sl.lbn by his customer. British busi- cratic Republic or Yemen. How- 
towards the plan, the hulk of nessmen are increasingly com- f^ er - f ew observers believe that 
what, it bad sought overseas. plaining that ECGD is not pre- “ere 15 much chance of a major 
With its relatively large popu- pared to offer long term credit realignment of external relation- 
lation of about 7m, its close ties facilities which match those sh| P s while the boom continues 
with Saudi Arabia and its regu- which West German. Japanese “j* w “'** Saudi Arabia; whose 
lar rainfall (unusual in .Arabia), and French exporters enjoy, in d>genous population is out- 
the' YAR is increasingly being though ECGD cover is freely numbered in Arabia by Yemenis 
seen as a good market for available on a short term basis, continues to be a source of 
exporters, both during rhe cur- ECGD Is to send a representative “ anre . both by employing 
rent consumer boom and over to the YAR this autumn to see Yemenis and in bilateral aid. 
the next few years as develop- for itself. It insists that its cover Morfeef Opportunities and 
ment spending gets underway on matches that provided by its methods of doing business in the 
a larger scale. rivals. Payment is reported to Yemen Arab Republic is arail- 

A'Tnajor gap has been infor- be. on the whole, good, though able for £5 from the Committee 
rnatios about the market, but some merchants have become for Middle East Trade, 33. Bury 
this'is now filled by an excellent overextended recently. Street. London SW1. 


N. Sea oil 
platform 
costs soar 


By Fay G jester 

OSLO, Sept. 24. 

AN ALMOST 50 per cent 
increase in the estimated cast 
of a major North Sea production 
platform has boon announced 'Sv 
Mobil Exploration Norwar. 
operators of the giant Anglo- 
Norwegian Statfjord oil and 'gits 
field. ' "3 

The company said Statfjord B. 
the field's second platform,, was 
now expected to cost between 
N Kr 9.4bn (£940m> add 

Kr lO.Shn. Nine months ago. 
when the Norwegian authorities 
approved Mobil's plan, for a prb- 
duction platform including living 
quarters, its cost was estimated 
at Kr7bn. ' * 

The Statfjord. .field .is-.beij& 
developed by a group of oil com- 
panies led by Statnil. Norway^ 
state nil company and Mobil. 

Arve Johnsen, Statoii managing 
director, said the price jump 
reflected inflation and design 
changes made to increase 
workers' safety on the paltform. 
A fire in one of the supporting 
pillars on the first Statfjord 
platform. Statfjord A, killed five 
workers in February this year. 

Statfjord B will have a maxi- 
mum output capacity of about 
7.5m tonnes of crude annually, 
only half Lhat of Statfjord A. It 
is due for tow-out to tbe field in 
1981. with production scheduled 
to start in 1982. There is a 
chance, however, that this time- 
table may have to be -revise# 
because of delays in completing 
design work on the platform.-- • 

Its concrete supporting pillars 
are already being built ip 
Stavanger. Orders are expected 
to be placed next week for ifs 
steel deck, moduls, and equip- 
ment for the inside of the 
supporting pillars. The contract 
will probably he shared among 
various Norwegian shipyards, all 
of which badly need the work. 

Meanwhile, the Government 
has appointed a three-man com- 
mittee to report to the Ministry 
of Industry on ways of running 
down and restructuring .the ship- 
building industry, including job 
relocation assistance for ship- 
yard workers. The 'authorities 
hope that some of the redundadt 
shipyard employees pan. be 
placed offshore. 


PHILIPS 


x '■ * 
^ 4 ~ 


ill* 


■HIPPING REPORT 

Active bulk 
and tanker 
markets 

1 Jjjj By Lynton McLain 

HE SLOW build-up in world 
^tipping continued last week 
ith growing activitiy in bulk 
urriers and oil tanker markets. 
. In tanker trades, the freight 
' te of Worldscale 40 was 
. ached last week for a very 
rge crude carrier for a voyage 
. om the Gulf to the West. 

. ,'Okers said that this could quite 

- . -sily be an established figure 
‘ r October loadings with the 

iderlying rate movements show- 
g stability at this new level. 
Britain featured in the last 
?ek’s oil movements in a more 
' live way than in recent weeks. 

ie forthcoming crude oil pnee 
. crease on October 1 is the 
ain contributory factor. Gulf 
ude oils are expected to rise 
■ ■ . • price by about 30 cents per 
irrel over the next few days. 
Trading was not as active in 
e Mediterranean and West 
. . Erica areas and the Caribbean 
. :a did not revive last week as 
ad been expected. But tbe 
inrtage of light crude oils in 
e U.S.A. was still evident, 
ates applicable depend on (be 
rength of the dry cargo market 
. Jin bination carriers that can 
'■ absorbed in grain, coal and 
*e trades will be taken off the 
i tanker market, but if the 
■y cargo combination carriers 
(bt for return voyage cargoes 
oil, then no improvement in 

- - nkcr rates can be expected. 
.-.The period tanker charter 

arket is still short of. long-term 
■ders. 

In the bulk markets, inquiry 
om the Far East remained at 
. high level and ships of 60.000 
■ns deadweight demanded S3.75 
•' S4 for voyages to Europe. In 
■ ie Atlantic more pressure was 
tident last week and most ton- 
. ige called for S5,500 duly. 

- ' The grain market was active, 

• V rates began to ease slightly 
* t September and October load- 
igs; particularly for the larger 
. .-ssels. This was a. result nf 
*. ie shortage of grain. in most 

- <ading areas, a shortage, that 

iould ease next month during 

•irther harvesting. 


Ten ships order for Pakistan 

BY OUR OWN CORRESPONDENT KARACHI, Sept 24. 

CHINA IS to buy 10 ships from dqr to Pakistan who signed the 
Pakistan of about 4.000 dwt each agreement on his country's 
during the next five years. behalf described it an impor- 
Tbe China National Machinery tant development in trade rela- 
import and Exports Corporation tkms -between Ihe two nations 
and the Karachi shipyard a«id Meanwhile a decision at 
engineering works are to hold Pakistan - s irame di a t e merchant 

annual discussions concerning 01 , . 

implementation of the deal. The topping needs involving 21 ships 
agreement stipulates that the Valued at $200m is to be made 
two sides should conclude rele- by the autumn. The Minister 
vant contracts to cover the tech- for ports has met representatives 
□leal details, prices and other from British Shipbuilders to out- 
arrangements regarding the ships line Pakistan's needs. In the 
to be purchased each year. next five years about 30 vessels 
Lu Wei-chao, China's Ambassa- -will have to be scrapped. 

First E. European jeans 
plant starts production 


BY.PAUL LENDVAI 

HUNGARY HAS become tbe 
first East European country .to 
manufacture blue jeans under, 
licence from Levi Strauss. 
A Hungarian clothing factory 
called First of May in Marcalit. 
south-west of Budapest .con- 
cluded a licensing agreement 
with the U.S. ' company' . in 
October last year and protiUc-' 
tion began this month. 

In the first year or operation 
the Hungarian plant will pro- 
duce 420.000 pairs of jeans. 
Within two' years, capacity 
should reach lro pairs per' 
annum. About 40 per cent will; 
be sold in Hungary after paying 
a licence fee of 65 cents per 
pair, while 600,000 pairs will be 
exported. 

Under the licensing agree- 
ment Levi Strauss provides 
machinery and raw materials, 
while Hungary will deliver in 
exchange an 'unspecified number 
of jea ns. produced in the plant. 
TTib contract was concluded fpr 
an initial period of five years. . 


VIENNA, Sept 24, 

Last January Hungarian 
workers and technicians attended 
a three-week course at Levi In 
San Francisco and they in turn 
trained the rest of the produc- 
tion staff. Reporting on the 
venture, the Hungarian party 
paper. Nepsxabadsag, revealed 
that under the terms of the 
contract, a pair of jeans has to 
be produced in 13 minutes, 48 
seconds. Previously. Hungarian 
factories needed about 50 to 70 
minutes to turn out a similar 
item; The First of May plant 
reduced the working time needed 
for- each pair of jeans from 60 
minutes to 27 minutes between 
March and August. 

: The management is confident 
Ihat the factory will soon attain 
world standard reducing the 
working time to the U.S. leveL 

In Hungary, the jeans . will 
cort Forint 980, which is just 
about the equivalent of one- 
third of ' the average gross 
monthly wage in the country. 



World Economic Indicators 


RETAIL PRICES 


% change 


U.IC 

W. Germany 
Italy 

Belgium 

Holland 
Japan 
France 
US . - 


Aug. *78 July 78 June T8 
199.4 198.1 197,2 

145 J 145.9 145.9 

134-0 133 A 131.4 

July 78 June 7? Way 78 
127.7 . 127.0 ..T27.0 


120.7 
1234 
201 J* 
19fc7 


119.9 ms 
1224.. 1212 

198.9 197j4 
1953 ' ; 1933' 

* Provisional 


Aug. 77 
184.7 

142.1 
118.9 

July 77 
1224 
1164 

118.1 
184.1 
1824 


over 


prcvioui 

i Index 

year 

base year 

8.0 

1974=100 

2J 

1970=100 

11.9 

,1976=100 

4.0 

1975=100 

44 

1975=100 

4.1 

1975=100 

9J 

1970=100 

' 74 

1967=100 


An often-voiced complaint about 
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is that the quality of the recording is 
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NotsowiththePhilipsN1700VCR- 

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itshows. 

> Furthermore, the Philips VCR is 
designed for the European TV sy s t em, 
iu i u k c the Japanese makes which were 
designed for the American, system, then 
merely adapted for use in Europe. . 

Another major bene&t of the Philips 
is its unique three^lay digital dock. 


This enables you to set the machine 
to record a programme while you’re away 
and your TVset is o£L 

Alternatively you can be watching 
one channel while the Philips VCR is 
simultaneously recording a programme 
on either of the other two* 

Just visit your nearest Philips VCR 
dealer for a demonstration. 

You’ll soon realise that, for the very 
best in colour reproduction, you really 
do need the original. 

THE PHILIPS VCR. MAKES TOU THE 
THE PROGRAMME CONTROLLER. 


Simply years ahead 

'ISXORDlfC AND FLA'1BACKOFf>1AT£E3ALMAYRCf3Uf3ECONSENF— SEETFSCOPyRlGHT ACF19G$; AlBOTlf PERFK3iiERS’PR0TECI1ClNACISI95BT01S72. 



V: 





Social rimes Monday September 25^fev 


f 

jj 

* 


' IIOMi: NEWS 


Switch to casual 
clothes blamed 
for loss of jobs 


THE PREFERENCE for jeans 


Tories VOW |o fight Bid to damp down 


pay curb sanctions 




school exams row 


BY RUPERT CORNWELL 



go up 

by 



„ . A . .. BY RUPERT CORNWELL. LOBBY STAFF 

___ Other reasons for the decline ; : 

nd open-necked shirts among in employment axe given as low- - . 

the young has brought redun- cost imports, increased produo- . THE TORIES are ready to mount “The fart that esrniags durinf ef ** umnuncewest «f targets , ™vcfrvattvfc «»rticiilar school and! 

Sancv and hard rimes for rivitv and inability to respond’ a® porous a campaign against Stage Three went up b* J4.2 oer for monetary arowtb and * a ^ J® 1 e l, a p ~ 

Haney and hard tune, for uv,t> an L .. ■ p - n .tlie n* of anrtiona or Waek- cent alongside a ^claimed planned public .ector spending. ,„«» came: 

listing of companies which objective of 10 per cent show* M Tfie estimated total pay com- aE0 ^ r cmoarra^rL, parrs spl.r Support for D . . . 

breach the new 5 per cent pay very dearly that th* mikn- does nnnom in rh* amnnmv mu be on . .« du . catwn * !*“* oyer from the Monday • j < . - ^ ' . 

comparative Right-wing pressure S™. U P- . - PRICES of farm. land m England- 


BY MAURICE ffAMUEfcSOH : 


ftwunribof workers ^Britain's quickly enough to demand in ■ the use of sanctions or black 

'i+lothing industry period 5 of economic upturn. __ 

Itac “»• 111 : ChanceFlor^said aefee JSl. 5^5^“ ^ «" n f sm -L/TSS - - 

t , : Sir Geoffrey left no doubt lhat T learl ^* S capac,w f<Jr dwe!V,DS higher figur? Dr_RhcKles BOSHL Z.X, t« denlore i The steep nse -follows the 

jif Tailors a od Garment Workers. * Howerer. « *■?* rnamifac-; a conservative administration hl 7KS!fj_ 

jjehe industry failed to anticipate li! rprs mu * p a - a * u ^ P* 1 ^ ■ «uniAv «u<h Ha«inae A.1 T03 QV pUvMd ODilViOH •' ^ 


•‘Nor should it be thought 



«uv«M . -n rienlore me Sleep rise -ruupws the •• 

. The new raw, being easerly sedative Pa rlj ought deplore j rfl of ^ ^ iod ^ ^ 

ight of -seized upon by Labour, stems rather than justify. , i nast two years, indiratina- thar 

\ nf oil from Ur ftntsrin's deliberate Dr BOVSOD. who this time P-f 1 LTrSS*-*?*? 1 * 


fe 


lar as a maximum, add least of ail ; from Pr. Boys on’s deliberate Pr r Bjapsoa. »•“' prices are likely to. leM^ in 

The as a minimum, whether for , contrasting of A-leyel results- apparently did not clear nu autumn . v . ; . 

or settlements.’' said, between comprebenrive . inner- speech, as is usually tne practice. ■ ■ . -. 

f city schools- of Manchester and With- his superior, said at the j According to Farmland? Market, 
Yet that "was the likely con- selective schools in its suburbs, .weekend that be would c on tine j published twice a 


u-»i „ U ic , . m ^ n _. 1l ... vul ___ per earnings 

the 1950s. losi that to j^tajn and^ recroiJ^laiKiur j f n a speech to Surrey Young ce ‘ nt - ^ ut iT ted already been Sir _9 € ?^? y ' ! selective simools in its su barbs” weekend that be would contine j published twice a - year . by 

con! i Consemnves, be accused Mr! made knovm torifr. Healey J^ X J ' “ “Jj ^ "J i 2TST £%&£ i&t vSSto Fkrmert-'.inraiiter 

wn ;Dcn ,s Heatey. the jaan^lor.of wi^te bawy wia an overaH f JJSSS? J!etiS ta su^ port of ; Wert noti being published -to ‘of *? country.” but he would Gazette. tbesUrge of confidence 

deceiving hirvetif the outcome of between 7 per cent “Thatwhicn , cover up poor performances. / not elaborate. in land values results, from, the 

the : nation if he felt that the inipo- and 12 per cent. Siould bepSSoiltd as no more : _ Not forthe first time Mr. ... Mr. -St. John Sjevas aid: _I ; failure o f a beio w-ayerajge^upply 

Average " " JJ ™ 

:Stf clothes for work as for leisure, the leading European clothing j to a more flexible pay structure decSld SKw S3 ^ipected SSme 1 *™?* “uidadST" of ■ fort ^ ‘conirit^e^' ’"aflte" . S'iehLbtfOTe>C Tory conference j 
pamphlet, Emplojmedt in. mdiiPtry . 1 ^, e ^? s Armly jo favour of result mesms that the oublic another vear of rigid norms.” send that be. did not favour pufc. in Brighton. There. education js t 

,>thmg-A Smuggle for Sur- Mr. Jack Macgougan. moderation restraint in pay ^ ^ ^ tn the ^sJr Gertfrey said that 1 hcation of exam league tafiles.' alwavs^a sensistive topic ferlg^ P n - C 

“S VaI ’fc Sa>S th3 , t -n lh j ,inpa f of unions »enera . ^ecreta^. sa>s : 'Tn^ - vear ahead as it has been in the sanctions were a “ constitutional . “We want to see results- party by -n<> means universally 

“J 1 !. doe ^ "“J,,, * ’ n Iw- - ThiJP harp P 351 - James Mackle 6r some such monstrosity and the cause of j placed in their appropriate reconciled t» the virtues of com- 

' J Sy ZV^u%^' ly SSfrSne s^s^^th^e- ^es^f^d^dSl SSSg?5 feSSViSiS p£- ^ ,a ,hl ^ ‘ 

■ “ Adjustments to lake account support of the Government : concerns, can only raise prices. S“ ™!5“ equiv ^ n4 of cbe ““«?■“ ^ had - ? — > 

o>? modern treads have been slow there is an increasing awareness i rates, or taxes today— and un- ' . ‘ . . hi«» 7. riin m 

.-rind painful. Too often the of the importance of the clothing! employment tomorrow.” Instead. Mr. HeaJey ought io be ar oitrary aisioruons- 


popular in IUC ± DUU^. 1U» — :r." ; ,| - - . - . ■ III a 3in.xvu i'j uuiicj iuuuq — - — — — — 

.avour and ready-to-wear gar- vnl1 require more realistic ana , conservatives, be accused Mr. made known that Sir. Healey 
yaents improved in fit and appear- competitive *ages and - - - ^ 

■•'ince, men adopted a “purchase* dltions. . archiving mnseu ana me Vi wbiw«b / per — «“rw * .rViir-H cover un rmnr nerfnrmairv« ' not Alihnrale 

j oday-wear-tonighr ’ approach Although rwognising the ; nation ” if : he felt that the impo- and 12 per cent. - shoufl be fl p?Seiited Is no more ! Bfot^TSe tost tim* ISr - ^ MrMt John Srevas said 

Uow jeans and open-nectied “ momentous task ahead . jje ; siuon of random sanctions A vprflir#1 ?Jan a central feature of the: St. John Stevas has been forceddo pot wish to add to my com-: to meet strong demand. - . 

■lifairts have taken over and it is union conclude* The industrv 1 a?a nst individual employer* Average wav back to responsible collec- to disavow his' outspoken raents-Tne disagreement comes: F ^ were nn 

common tn wear the same type is now in a position to become . could be combined with a return -The yawning «n between tjv'e ba^ainingo^ all too easily i depntj-. He said in his Cbelm^ if an-Awkward moment a fnrt * for S W^Jig hS?*bifc 


that, prices woufti rise .'-still 


entirely } 


j failure to respond has resulted industry in the overall industrial j Wbat did need to be ques- *^c ^ase for a moderate 


“They have moreover rendered ■ 

n run-down and redundancy.” structure of ih? UK. : tioned however, was the effec- average level of pay settle- less nec^sary—and^ ^therefore j 

>i In 1951 the industry employed “ As recently as five year? ago tiveness. as well as the legiti- ments. It is inevitable, in this le»s po« i 

1118,000 men and 434.000 women we could have had no such « macy. of. sanctions directed context, that some estimate of the ponsihility and umlersmaclu^, . 

Put in 25 years the numbers confidence and. indeed, the 1 against selected employers in scope For total pay increases will which are the essential .ounaa- 

; dumped to" 5S.0D0 men and prerailing attitude appeared very ; support of a so-called “rigid become a part of puhhc debate, tions of a more 

1 -249.000 women — an overall drop laigely to he that the industry j policy " '**- 
,|jf 245.000. was expendable ” 


stable and 


for pay. 


That is a natural consequence efficient future-' 


Building materials 
sales up by 16.6% 


>i 


Rail bridge to dose 
for £3m. repairs 


FINANCIAL TIMES REPORTER 


‘Unions want it both ways’ 


by fAMES McDonald 


ONE OF Southern 
:ross-Thames railway 


Region's Suburban services will he the., .. . _ 

bridges — worst affected. Some will be 1 npin " ay5 - 


, BUILDERS’ MERCHANTS sales. patterns and the poor perform- 
;af building materials were lB^ .aace for this time last year. On 
per -cent up in July compared rhe whole, however, the outward 

SIR JOHN METHVEN. director to more wealth and therefore cash with ho questions 'Slow* ^how^ncreases 

general of the Confederation of new investment and new jobs. Tax-dodging was becoming a . ware €6 percent h^Rher'-hi Jere^o' aetivitor^bn JuPf^over 

British Industry., yesterday hit “Socialism in Britain has national sport. “ahta ftHrevi iS reSr ^ ' 2 e s anl P month la J? ve^ The 

out at unions opposing the become intertwined with the in- Until personal taxation, n seures are published by lartMi Tncreases were 7 iiT’seot 
Governments 5 per cent pay dastrial and economic evils for returned to a more 'acceptable p e Sp~Son of K m^ nP r anHtb* 

^runions can’t have it SSL? ^ ^ 

hp ,n I^imlnn Hi*h DPTSOU1 ta.w nn •«. disease vhlcb no tew/ ■n«eh!SS“ p f r *“f 

-London and the Soath-EasL 8-9 
Mr. Reg iVilliams. director of jjer cent. 


High personal 

■he six-snail Hun'*er'orri Rrirfre rancelied anri other rfiverted fn ( "They -would like to support the turning Britain into. a nation of of what so many people have. . 

,iiS“& H ”3a'%^SS Camfolf" streeL°*^mt ! G«en,m.n. JbjonpeJ. ±_> ^ Acting U ta. pa.d m always ««,« far." Sir John .aid. •<*«*■ 

i,3aiiy into Charing Cross— is to start and finish their journeys at : n^ hrt^^helr m^nhers 

,oe closed for most of nest Waterloo East, ivhere a special. an £ wiu n ? # 5iJ l !fi.S B |£ i 2fS‘ ,,ers 
i .summer for £3m of repairs. temporarj: footbridge win be ■ 10 iJJ 'J 1 ** TI ta A !*£f; h naV 

’ The bridge, built in 1S65. will built to case congestion. I . V^ e h,ch ,C ^S.J P f7 

,,oe closed from May 14 to Sep- v- cimms were being pitched in- 
i' lember 30, " — — 


Buoyancy strong: : 

While: foreign buyers were still 
in evidence, there was iitth! to 
support the^ “ invasion " theory. 
“It is now clear that this pur- 
chasing is., bii' nothing, like the 
scale needed . to- “back .iecerit 
claims that there- is a: danger of 
foreigners taking over the coun- 
tryside.” . . •. . 

; After rises m the first : s« 
six months, prices were expected 
ito be consolidated in the second 
half. ' The budyancj- oU \tfce 
market was strong and there was 
no obvious reason for. it to 
] decline, the journal’ says, - . J-.- 

Farmland Market, pubitihed 
' Udce nearly bn Estates Gazette 
and Formers'-WeefrlH, in coiln- 
boration with Oxford Univer- 
sitif institute of j^ricntairai 
Ecpnomiics; £12.50 o-yedr.,; 


Sub-standard imported 

from May 14 to Sep- Season-ticket holders who have • j'imIpH ^that "manV **emojovers j 1- T% /fTh 

tyres a danger - MP 

POTENTIALLY “deatlHleaiing’’ replacements. So the purchaser | trading patterns are 
car rates were entering the has no knowledge of the tyre’s! some extent, to local 


/the federation, said: “For the . ,On a 12-month comparison 
fourth month running all regions Scotland showed only a Iff per 
have recorded increases over the cent increase, while the North- - 
same month last year, which West had a 15.1 per cent rise. 


the wrou _ 

support the timber flooring of lo 0 and citv line (“The Drain 
the bridge with steel girders. will be issued with supplement- 
"Not because they are unsafe, ary tickets at no extra cost 
but because — as all steelwork Full details of the altered 
does — they -have become cor- services and of the arrangements 
jroded." says Mr. G. R. Newiyn, for season-ticket holders will be 
divisional manager of the South- published at the start of next 
Eastern Division. year. 


Hospital ready to open 


LIVERPOOL'S £43m Royal independent chairman in the city 
Hospital will open, after all. a Some points raised' -by the 
week today— three years later unions were accepted and talks 

than planned. will be resumed on Tuesday . . 

Threats of strikes by 700 mem- The hospital, a 26 -acre site.; up to ransom at the cost of the have- to be 
bers of three unions — NUPE. will have the largest out- weaker and the non-unionised warning that they 

COHSE and the General and patients’ department in Britain . this winter it will be impossible used over a ce 

Municipal — receded yeslerday and a siaff of more than 3.000. By , to Hold inflation down.’’ said, 

after three hours of talks spring, S20 beds should be! Unions were opposing In- .But no. such 

between the two sides under an available. ! creased productivity, which led exists for tyre* 


in settling near 5 per cent with 
out confrontation. 

The unions were virtually _ 

seeking rises twice over — “sub- country, - particularly ^ from capacity. j 

stantial pay increases and a eut Easter® Europe, anti tinder- They could be death-deal lag 
in working hours." cutting British-made products, jf used ever 'a certain speed, and 

It was about time the unions said Mrs. ReBde'Shorii. Labour are certainly uadercuttiBg and 
recognised that shorter hours mp for Wolverhampton . North- damaging the' home-based, 
would mean fewer jobs " because East yesterday. -• industry. This is a very grave 

our industrial costs will go up Shfe } iai written to Mn Edmund matter, which Mr. Dell should 

and we will , once again price ****** . ’ iSde look toto at once.” 

the exercise is self-defeating. . ^ 

with 
,duld sot 
speed.’’ she 





--ct 

---yt: - 


due. : z» and London and the Sbtrih-EasL 
trading 42 per cent. 


Hall scheme to aid deaf 
with sport and music 


THE MANPOWER Services Com- the deaf, including changing 


mission Is sponsoring a scheme w>om?, bar and Jcitcbeh.. 
in lpsicirii to help deaf people The! facilities are provided by 


international tlrc Suffolk Mission to the Deaf_ 


menaced^ 


r RnOndal Tm>» Rcporrar 

SOME -OF ! Britain’s V national 
.paste are’ in Ndaniggr :Seisig 
r graved- ^away "A with? . iTovern- 
mern: .approvaC Xbrd Wiustanley , 
chairman-, of the Countryside 
Commission, said yesterday. 


He told .the annual conference 
of National Parte authorities, at 
Lyxxtoh, Devon, 'that .they were 
not obliged to accept the advice 
of Govemmeot «xp«ts about the 
parte’ resourced • * : ’’ * ; ■- : 


requirement 


imported as. t >~ res - r ' 


llichelin | four adults and 12 young people competent, sportsmen 
- who will build a sports hull for international, standard. 


reach I a way on- 
• '? cases." 


basis.' of single 


You can da it much 
better in Ireland. 

(fe 




Ian Paisley pelted 


with tomatoes 
by Catholic girls 


BY STEWART DALBY 


DUBLIN, Sept M. 


Hold a conference, a convention, a seminar, or a new 
product launch, that you haven’t considered Ireland 
yet, here are a few very good reasons why you should. 

Ireland’s dose. You can fly frorri any major airport and 
he there in an hour or less: you can take your car- or move 
heavy props -by ferry in as litde as three and ahalf hdurs. 

You feel fresher, because Ireland’s a relaxed and 
relaxing place. Your event goes better because you work 
better. 

Every possible facility awaits you, and a large choice 
of venue. We can handle any number of people too -from 
20 to 5,000. 

Experienced professionals will help you at any stage 
(full-time if need be), from first plans to last farewells. 

People like going to Ireland-its been aptly described 
as "abroad but notforeignT It’s also friendly, and a very 
lovely country, which aren’t exactly drawbacks. 

Have you thought that a trip to Ireland would be a 
■wonderful bonus, too, for someone who’s done especially well? 

And remember— you now enjoy full duty-free 
privileges on all travel between Britain and the 
Republic of Ireland. 

Ask for our free conference book. It’s packed with 
facts and figures -an excellent first example of die practical 
help we specialise in giving. Please do make use of us. 
That’s what we’re here for. 


r 


TO: Conference Office; Irish Tourist Board 
FREEPOST 15 

Londo n VlE SVZ (So stamp needed) 

Or phone 0 1-493 3201 (24-hnur service! 

Please send me the free book with all the facts and figures about conferences 
in Ireland. 


Name 


Address. 


Postcode. 


J’hone. 



Ireland 


THE REV. fan Paisley, the said nothing of a aon-religkms 
ultra-loyalist head of Northern nature. 

Ireland's Free Presbyterian Towards the end, after being 
Church and MP at Westminster imerruiJtPd by the girls, he sat$: 
for North. Antrim, yesterday “Everyone here today, whether 
j. preached in Dublin for the first we are Protestant or Catholf* Is 
time since -the troubles started travelling along the same road 
in the north-10 years ago. . to God’s grace- It does not m&er 
As bis. unprecedented trip twopenny links about me. ‘ 
coincided with the all-Irish Gaelic r , 
football final, there was wide-. JLSCOTt . 
spread apprehension that his servfew can b# wn M in 

S5L ,, ?, u 'LrtM‘b, rtSS** 1 ®*™* fteToSS 

f?oTSfcoun^o?KeS PPOrtCTS tthw tten to s^afe 

from the county of Kerry. political platform in the enen&’s 

In the event the service, midst. Although there are 43 
which was conducted in the Man- Free Presbyterian churches in 
sion House, official residence of the North there is only ontt r bjf 
Dublin's Lord Mayor, went off the republic, in Corag any, .'-'Co. 
smoothly. Mr. Paisley refrained Monaghan. • 
from any political comments and It was 1 tire minister of Cora4 
there were just two incidents. garxy, the Rev. Austin Allan 

. who organised today's service 
Removed He said the hope was to effebj 

.... . . . lisb a church in Dublin 

At the beginning of the service, eventually. In the meantime], 
which was attended by a congre- the Church would, continue tS 
gation of 250 — a respectable if hire halls for services. V 
not overwhelming figure—a Although the Gardaj suppUe 
young Northern Irish Roman * motorcycle escort from r ‘ 
Catholic waving a blue copy of airport for Mr. Paisley, L 
the Bible, approached the plat- church was called upon to see l 
f0 ™- . security . at the Mansion Houjsi 

He shouted that it was wrong This it did by ’.importing T 
for Mr. Paisley to come to Dublin young heavies from Bambri 
when he himself had ■ only ^ Northern. Treland. 
recently condemned the practice 


This amwpuxmeni e&pecrs as a matter ofrajonf only. 


HYDROCARBONS BANK LIMITED 


U.S. $200,000,000 
Floating Rate Loan 

Unconditionally guaranteed by 

ENTE NAZIONALE IDROCARBURI (ENI) 




•of Catholics being allowed to 
preach in Westminster Abbey. 

And towards the end of the 
sermon, three teenage girls in 
jeans and tee shirts tried to 
pelt Mr. Paisley with tomatoes. 
Both the young man and the. 
girls were forcibly removed from 


Scientists 
solve dead 
fish riddle 


the supper room, the hall hired SCIENTISTS bare solved the 
for the afternoon for the service, riddle of the dead fishes washed 
Outside, in the persistent ashore In thousands in St 
drizzle, the girls, who are Roman Austell Bay, Cornwall, where the 
Catholics, said they bad merely sea gives off a bad smell ahd 
wanted to make the point that catches have fallen alarminctf. 
in their view Mr. Paisley had Experts blame a dense micro- 
been responsible for a great deal seopic plant which rots as it 
of the violence in Northern grows thicker— and reduces 
Ireland. oxygen to water, so that fish 

Mr. Paisley seemed at one suffocate. . 

point in his -sermon- as~ though Doctor Gerald Boalch nf ife 
about to embark oo a -political Plymouth Marine BiolomS 
message as 1^ said:' "You Laboratory said vestertkr 
wouidn t expect me to come here “There is nothing w e l S 
and mm my message. No Irish- about it It would beln if we 
man. no. Llsterman. no on e on had a good gale from the soiit£ 
this island, can have any respect or south-west to stir up thew 
for someone who trims his -This nmhiom 


FT25-g-7S 


This problem is onlv in Ae 


stuck completely to what hr way in 1966 and" De^rk'irt 
oalled preaching the gospel and igss." - ark 


Managed by - a ; 

The Sumitomo Bank, r limited 

‘The Baulk of Tokyo, Ltd. The IndustmI Bank of. Japan, Limited 
The Long-Term Credit Bank of Japan, Limited 
The Nippon Credit Bank* Ltd. 

r, Limited 


Co-managed by 

The Hokkaido Takushoku Bank, Limited fe 
The Kyowa Bank, Ltd. TheSaitaxna Bank; Ltd. 

The Yaauda Trust and Banking Company, Limited 


Provided by : ’ . ■ ■ •• ; - 

fRTi. The Bank of Tokyo, Ltd. 

The In^sinal^ erf Japaa, United The Long-TemCreditBank of Jaj^.Lhmted 
The Nippon. Credit Bank, Ltd. The Toyo Trust «nd Banking Company Uiiited ' 
The Hokka^o Takushoku Bank, Limited - llie Kyowa Bai^Ud. ’ 

The Saitama Bank, Ltd. The Yasuda Trust andBanking Company, limited 

The Sumitomo Trust and Banking Company, Limited . ' 

The Nippon TVust and Banking Company, Limited 

; BaiwaEittopeN.V. Japan Intenia&M Bank Limitk 

The SanwaBahk, Limited The Tokai Bank, Limited . ,v 


Agent 

THE SUMITOMO BANS; LMETED 


.September, 1978 


*,l-rV 




• . . > : 

, » 








jv oil IJZaI 


fi; 


"J 


;Sfe : : :; fefe:feS'. 






wvn 

3 

‘Oh 



'ials 
fi" . 


n--;t 

% J « 1 ‘ I 


Financial limes Monday ; .September 2a 1978 


bn 





^ With all models in full production, you now have a choice of three outstanding Rovers, 

lo help you choose we offer a summary guide to the new Rover range.The three new Rovers share the elegant, aerodynamic body 
made famous by the award-winning Rover 3500. But each Rover has characteristics and features that are all its own, 

distinguishing them from each other and the Rover range from the rest. .. 


Rover 2300 


Rover 2600 


Rover 3500 


park 


mt 


Powered by one of the new, 6-cylinder in-line 
Rover engines (2350 cc) with aluminium head, 
developing a healthy 123 bhp.The crisp gearbox is 
4-speed manual with 5th speed aid automatic options. 
^ ^ Rover 

paintwork is electro- ..... 

phoretically primed and thermoplastically finished. 

There's full underbody protection, zinc sills and 
and stainless steel bumpers. 

" T ‘ 77. . .. More safety: 

' " i . high intensity rear 
foglarnps,twin 
reversing lights, 
hazard lights and 
frontdoor-open 
warning reflectors. 
Inside, an energy- 
; absorbing fascia and 
. adjustable, telescopic 
Uteering column. 

- %hd on all Rover 
models, a Triplex Ten Twenty Sup& Laminated screen, 
the most advanced safety windscreen in the world. - 
The 2300’doesn't skimp on comfort: reclining 
front seats have head restraints, therms cut pile 
carpeting and an easy-to-clean rubber boot Surface, / 
a push-button radio, cigar lighter, twin glove lockers 
and a drivers door mirror adjustable from inside. 

With all that safety and comfort goes high 
performance: a top speed of 114.1 mph and 0-60 
acceleration of 10.8 seconds! 

All for £5909.67* 


The six-cylinder engine is modified to deliver 
| 136 bhp and, like the 2300 engine, features the Design 
: Council Award-winning Air Temperature Control unit. 
Together with a belt-driven overhead camshaft, it con- 
tributes to efficient fuel consumption and quiet running. 

The 2600 introduces a self levelling suspension 

system that ensures - • ••• :■. ? — 

that the car is the 
correct height above ; 

the road whatever * ^ • 

the load and how- J : 

everitmaybe 7.. .. 

distributed The . ' 7... 

system also keeps . 

•the 4 beam halogen . . 

headlamps correctly . • ':$£■■; • 

aligned. "' A - • 

In addition to •— -• • •• • 

the 2300 specification you'll find map and glove locker 
lights, a carpeted boot, colour keyed fascia, more 
comprehensive instrumentation,extra comfort with 
box pleated seats, and extra refinement like front 
door-open warning lights. 

The gearbox is 5-speed manual with an 
automatic option: the car reaches 60mph from 
standing start in 9.0 seconds and has a top speed 
of 11 7.8 mph* ;;7 




f< y 

v..rV> 






The magnificent Rover 3500 obviously has 
everything the 2300 and 2600 offer. And more. 

The famous Rover VS, 155 bhp engine is fitted 
with electronic ignition, which assists fuel economy, 
reliability and performance.The car goes from 0-60 in 
8.9 seconds and has a top speed of 1 22.3 mph! 

doors can be 
the drivers do6r. 

Apart from the luxuries fitted as standard, you 
can personalise whichever Rover you choose with 
some very attractive optional extras. (For example, 
Denovo tyres, the Rover sunroof and special alloy 
wheels.) 

Tiie award-winning Rover 3500 will cost you or 
your company £75 1 1 .40* (A price which now has 
considerable business car tax advantages.) 








Before you decide, you'll want to know a lot more 
about the Rover range than we have space to tell. 


In spite of its additional specification, the 
Rover 2600 costs just £6272.37* A price level with 
considerable tax advantages to the business car user. 


A visit to your Rover showroom will provide 
all the details and the opportunity of a test drive, 
which is usually the decisive experience. 














6 


financial Tunes w; 1 


•. rtf. 


I-J 

t‘ 

jk 

X 


m 


Average 
food bill 



■s 


up 
a head 


gj BY CHRISTOPHER PARKES 


•|> THE FOOD BILL in the average 
J British hnmp riurinz Aorii. May 


J head a week higher than in the 


British home during April, May 
and June this year was lOp a 


FINANCIAL TIMES GROCERY INDEX 



Fruit and veg falls 
balance other rises 


BY DAY1D CHURCHILL CONSUMER AFFAIRS CORRESPONDENT 


£ previous three months. 

“ At £5.49 per person, average 
r- expenditure was 6.7 per cent up 
* on the comparable quarter of 
d last year, according to the latest 
fc Ministry of Agriculture reports 


THE FINANCIAL TIMES and selling at between lOp and dozen. The fresh meat section 
grocery basket price index re- 14p each. Tomatoes, however, of the basket showed the largest 
mained virtually unchanged this were slightly dearer according to absolute rise this month with 
month as 3 further sharp fall the shoppers and were costing virtually all cuts of meat monl- 
jn fruit and vegetable prices between 19p and 25p a lb. tored up in price., 

was balanced by rises in meat. The drop in the fruit and vege- The rise in the cost of frozen 
dairy produce, and frozen food tables section of the basket was foods was largely due to higher 
prices. compensated for by a rise in prices for frozen peas— about 

The shopping basket index for other areas. Eggs, butter and lp more for an 8 oz bag in most 
September was 101.90, a rise cheese all showed small rises, cases. This reflects -concern over 
of only 0.01 on the August Index. Standard eggs, either grade three a poor pea harvest and uncer- 
The index is based on prices or four, were costing the shop- tainty over the level of stocks 

46p a of peas held. 


Delicious 
threaten 
bumper 
British 
apple crop 


By James McDonald 


FINANCIAL TIMES CONSUMER 


or 

ability to hold pricesfff 

jib* 11 ® 



on 



£ on the National Food Survey in , collected by 25 Financial Times pens between 40p and 
. , f. which eating habits and costs are i shoppers in all types of shops 

\ monitored in I.SOO homes. 1 3nr i locations throuehaut the 


* J and locations throughout the 

l* Consumption of most “ staple ! UK _ j t reflects the trend in 
T- foods fell. Shoppers bought less j f ood pr i C es several weeks before 

*. vhita Krno r? onW mortroellv lacc . , . - * i _ . - 


. white bread and markedly less 
butter than a year earlier. Brown 
\ bread and margarine appeared to 
step into the gap, both increasing 
‘ their sales. 


Consumption of traditional 


children's favourites such as 


the position is usually given in 
Government statistics. 

Falls in the cost of fruit and 
vegetables in September — down 
by almost £16 to £163.45— 
reflects the spell of relatively 
good weather in recent weeks 


sausages and beans also fell, as as well as more supplies coming 
did weekly purchases of beef. | onto the market 


lamb, chicken and bacon. There 
was a small increase in sales of 
convenience foods. 

During the three months under 
review the price of eggs aver- 
aged 3p a dozen lower than in . 
the first quarter but purchases 
fell from 3.96 to 3.73 eggs per 
person per week. Some recovery 
is expected to appear in the next 
food survey report because eggs 
are now lOp a dozen cheaper 
than a year ago. 


Milk plea 

The consumption of fish, with 
supplies and prices affected by 
catch limitations in coastal and 


Eating apples in particular 
were substantially down m price, 
with falls of up to 20p per lb 
in some shops and prices ranged 
from between lOp and 20p a lb, 
according to individual quality 
and variety. The fall in the 
price of cooking apples was less 
marked — up to lOp per ib 
cheaper in some cases— end they 
were selling at between 12p and 
ISp a Ib. 

Potato prices were again down 
hy about lp a Ib and selling at 
between 3p and 5p a lb. This 
reflects the continuing potato 
surplus this summer with 
farmers getting rock-bottom 


deep water fisheries, fell to 2.3 1 prices. Cabbages, cauliflowers 


oz a head from 2.6 in the first 
part of the year. 

There has been only one 
increase in the price of milk this 
year — up a penny a pint on 
January 1 — and this appears to 
have helped stem the drop in 
sales. Consumption remained 
unchanged during the second 
quarter, but the public is still 
drinking 2 per cent less than a 
year ago. 

The Government is consider- 
ing a request from the big dairies 
which distribute the milk for an 
increase of ip a pint on October 
1. This, they claim, would be 
enough to cover their cost 
increases for a full 12 months. 

Consumption of fresh and 
frozen vegetables was well up 
on the comnarahle part or last 
year — mainly reflecting the con- 
siderable reductions in prices. 
Sales of potatoes also increased 
while buying of citrus fruits and 
apples fell. 

Even though the average price 
of both tea and coffee fell hy 
about 5 per cent between April 
and .June, consumption of tea 
continued to decline. Buyers 
appeared to switch to instant 
coffee. 

In spite of the reductions in 
consumption of foods rich in 
pmtein and carbohydrate, the 
average citizen is still more than 
adequately nourished. Protein 
intake for example is SO per cent 
higher than the minimum 
requirement 


and onions were also slightly 
cheaper. 

Most salad ~ vegetables were 
also cheaper. Lettuces, for 
example, were about 2p cheaper 


THE FINANCIAL TtMK SHOPPING 

SEPTEMBER, 1978. 

basket . 


September 

- - - August 


£ 

£ 

Dairy produce 

. 4813)9 

474.69 

Sugar, tea, coffee, soft drinks 

181.55 

18178 

Bread, flour, cereals 

237.24 

235.49 

Preserves and dry groceries 

87JQ 

87.09 

Sauces and pickles 

4135 

41-31 

Canned goods 

156J1 

.... 15627 

Frozen goods 

19026 

185.79 

Meat, bacon, etc. (fresh) 

44233 

43631 

Fruit and vegetables 

168.45 

184.13 

Non-foods 

180.16 

18227 

Total 

2,16634 

2,16623 

Index for September: 101.90 



1978: March 100; April 101.77; May 103.11; June 104.18; July 10L41; 
August 101.89; Sept. 101.90. 


Retail price inflation rate 
‘ could double next year ’ 


BY DAVID FREUD 


THE ANNUAL rate of retail 
price inflation could double 
next year, according to a mone- 
tarist model of inflation de- 
signed by City stockbrokers de 
Zoete and Sevan. 


The model relates the UK 
Price level to the monetary 
base and its forecast is sub- 
st antially higher than that of Supported 
many models based on costs. 


to 5 per cent from the 1&5 
per cent of last month. 

In spite of this, single-figure 
inflation did not return before 
I960. Next year, the central 
forecast for the annual rate of 
retail price inflation climbed 
to 18.5 per cent in the second 
quarter. 


However, says de Zoete. the 
historical record of this mone- 
tarist model is at least as good 
as many cost models and 
possibly better during the 
rerent period of floating ex- 
change rates. 

The monetarist model was 
run on the optimistic assump- 
tion that the annual rate of 
expansion of the monetary base 
through next year would fall 


The firm’s own cost model 
estimates supported a rise in 
the rate of inflation next year, 
but hy a lesser extent 
On the basis of assumptions 
of a 14 per cent, at most, 
increase in earnings and a 7 
per cent rise in sterling 
import prices over the year to 
next July, together with a 0.75 
per cent increase in the mort- 
gage rate and a modest rise 
in indirect taxes, the annual 


rate was forecast tg'rise to a 
peak of about 12.5 per cent 
next year. 

Brokers Kemp-Gee and Co. 
forecast a rise in retail prices 
of only 9.5 per cent next year 
and a current account balance 
of payments surplus of £300m 
this year and £lbn next. 

Dr. David Lomax, economic 
adviser to National West- 
minster Bank, said that in 
spite of tiie more optimistic 
view of inflation expressed by 
.the .Price. Commission, the 
trend was probably still 
modestly upwards. 

The precise outlook for infla- 
tion depended on the main- 
tenance of a Arm monetary 
policy, on external factors 
affecting the exchange rate an 
on the movement of other cost 
elements including wages and 
salaries. 


BY DAVID CHURCHILL CONSUMER AFFAIRS CORRESPONDENT 

CONSUMERS are divided almost those feeling worse off. lWj 
equally about whether a general --manual workers seemed tt \ at an optimsu 

election would enable either -a most pessimistic while women Rjk ' 

I Conservative or Labour arivninre-'m tho «mp social classification Scotland are . the . Only ..ipScls 
THE BRITISH apple crop ftaltiatloa to combat pridrrS Were morf optimistic than usual, the county this 
year is considerably better thani more effectively, according to Ahalvsis according to age optimists are -to-ge j-JWWWyvV;.: • 
the poor harvests of last year I the latest Financial Times stavey shows that more young people The Hdjurii ' ii ‘ 

and 1976. Such of it Is is surplus J 0 f consumer confidence. were feeling worse off. although most pessimistic regions st;!'" 

to present demand will be put; , response to a question the ow 55s stayed about the .The survey also 'revealed- a_ 

into store for the Christmas and ! or LabSSrgfS Srie Regionally, past prosperity: slump In tbe nurqberevbetieriiw^ - - 

January trade. 1 eminent would be betters? dMl has fallen in all areas except that now wss 

Second-quality apples left to ■ g? *-H3» after the not Smdon and the South. “big ^ings for.the^aste^Jasg 

drop will be used for livestock SSwt 30* per The index of consumers* Future over four outoften surveyed.^ 

practice. 

The mam danger lD ttarfceting ; Labour. leaving a very large 42 cent This was — . . - ... - . • - . 

this bumper crop is the inroads “don’t knows” - in the proportion of adults The ctiffeiyncs --.between tbfL.ii- ■ 
being made by French Golden i ™Sing conditions to improve two .groups, w^s the .smaHesft ' , 
Delicious apples into the UK : betwem oSSons expressed (from 23%er cent to 21 per cent) since thixdrr * 

r,r? I kiuT tt I- nro portion expecting oyer last month. The.itasnaism-^ „■ . 



while the oroportion expecting oyer last month; The-UeaHmism--'* 
Over the past two years the • differeni soeial clas rifleationa. J^J{ t ) lina t0 worsen remained about big purchases^ was •.most-:; 


trade. 


Uver toe past two years uie , - ^ conditions to worsen n _ . .. _ 

French have invaded Britain with ;3J? dp ? rDfes ^2S.fc d constant t23 per cent). marked among- ftre .yourig .and • ■ 

attractively packed Golden ! floured a TS^overTmS S^uinere wh° were optinustic old. and in the Scotland. afld the - i 

cious, and because of U*dr!™S55ti-J H d^H^ tSth ^ave as the main reason . the North-East. ; v '; ; . - v »^ • 
quality they are selling at about i“P” lU £fiL ? na «S^ w „!S:oDiiuon that “things must Consumers- alsq._ have^ taken*. 


25p lb, compared with an English | fvo^^^oured Srave." Significantly the their most pesswmstle 

ancle nrice of about 12p lb. I . “ “ ' nirmhpM 


numbers’ believing that inflation imemploymeiit prd8pects ::sihcfe;' 


A major complaint' is that 1 04 ^.® a # g J ^ ge _S ,u PS,_ < Jte_u^er under confrol _ and that early/ "’1OT6T''. About •;4ff7:.per,tWfcu.; 


many English apples are badly j^^eTori^ Sea 

i between felt Labour to be mere 


oil would solve ail of those Interviewed; Jor-- the - 


packed, just thrown into boxes economic problems dropped sub- survey thought unemployment 


and bruised. 


>that they are not graded in size 


sfantiaLly. 


UU LH ! MTiahlp 

There is adso the complaint j .* .—i -. -The pessimists 


Ail regions except London and 


would increase — up A per tent- 
stressed while only 12 per cent thought 


, , ... i the South tended to favour « , 

aadQcah^ like the French pro- ^boi^r ntber conservative - 


““ unemployment and the Govern- it wouid faiU dnwxr A.Der cent 
. a ment*s handling of the economy over last month. - ’ l : 


duct ^ stmilar to ampliin 1 ■‘LtWr'mort imvetent current : The wreg, um carried nut 6, 


in 


the British Market J J?esercrrit 
the Bureau Jor $ie Financial Timesr 


•that English tomatoes in grading. I diaJ ce with orlceT “ Preoccupations . 

SM5T ,P “L. T ¥* J-S ?“V f ,w? e jrsz ci^ifi«” 5wS*if73a'«"7-. 

W!tii those from Holland. disclosed that all three nuumr ^J n ^ cept professional and total of 1^90 adults -were -intei? 

iSl™*””- And are under- ^ 'rM 


\DE in 

art on 
>da 


indie 
[index, 

for the house” — were down this 

- “'j month, representing a more 

creased share of *he trade. On out jook by consumers 


Promotion ! Index, rh? 

French apple pmp are 


40’rf 


promoting _ and advertising J j or future . 


Golden Delicious alone, they are 
spending £250,000 a year in the 
UK compared with an overall 
total being spent by the English 
Apple and Pear Development; 
Association on all its products of 
less than £200,000. 

Mr. Joe Saphir, chairman of 
the Saphir group, said that 
unusual weather conditions 


The past prosperity index, 
which reflects how families, feel 
compared to 12 months. ago ; fell 
to minus two per cent after being 
plus four per cent last month. 

The fall was due to fewer 
people — 30 per cent compared - 
with 34 per cent in August-feel- 
ing better off than a year ago and. - 
a rise in the numbers feeling; 


•r 


- AU ADULTS 

^ .1 / 



V L / 

% 


> 







> 


m 



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caused a fall of apples in July, in , worse off (30 per cent to 32 per? 
addition to the normal fall in cent). This is the first time 
June. He estimated that thisj those feeling worse off have been 
could have reduced the UK crop : in the majority since April this 

■ roil 


to between 330,000 and 360,000 ; year, 


tonnes. 

Last year’s “disaster" crop 
amounted to 230,000 tonnes with 
the output of Cox’s badly 
affected. 

Production of Cox’s was ex- 
pected to be about 120.000 
tonnes — more than double the 
very low level of 58,000 tonnes 
last year. 

Mr. Saphir pointed out that 
there had been a significant 
recovery in overall ECC apple 
production, and an estimate that 
total EEC output would be at 
least 6J>m tonnes, as against 
little more than 5m tonnes last 
year. • . • ' 


Among all the social group- 
ings there was a fall in people, 
feeling better off and a rise in 



■1 . - 


7970 


T97t 7972 1973 • 1978 1975 1976 W77 ’ 1978 



crisis 



THE CONSTRUCTION industry Government and the public that Yorkshire region at Scarborough^ " 
is short of skilled men*, a’ -the most urgent problem facing, that., his organisation wbiiM co? : .-. * 
builders' leader said at the week- us is not that of unemployment. Operate with unions in finding.: * 
end. ' • * It is. on: the contrary*' ’.-that jobrfor nsemployed-^Hled meftv ?: 

Mr. Henry Stradling, president we have difficulty in getting the “ In every one .of the. feders- 
of the Federation of Master men ru carry out even our t!on regions employer^ are find- ' ■ 
Builders said: “Our industry present workload.” • ing it impossible tb obtain all th« ? 

faces a grave manpower situation Mr.’ Stradling told the; annual skilled labour-. needed: to main-;.r • 
and I feel I must warn both the conference of the federation’s tain their present commitments^! * ~ 



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NOTICE 





. 

’ • * * ■’ i ; J . 

ROME 


. .' V- ‘ - . jf-i ' 

OCTOBER 16-17 1978 

"" . ■ ■ -.«H 

’ ■’ • \-j 


«.»* 



Premier Andreotti will give the opening : 
address at the Financial Times-INSUP 
Conference The Outlook for Italy' being •. 
held in Rome on 16 and 17 October, 

1978. He will be supported by a 
distinguished forum of speakers who 
will discuss the forward development " 
programmes how re-shaping the Italian : ! 
economy: Of particular interest will be:.* 
the studies of Italy's relations with bthef 
countries of the EEC, the Arab World 
and* the United States. 




The list of distinguished speakers includes: 

H. E. Dr. Rinaldo Ossola 
Minister of Foreign Trade, 

Italy. . 


Mr. Giorgio Napolitana 
Partito Comunfeta - 
Italiano 


Dr. Gaitet FHzGerafd, TD 
Formerfy Irish Foreign 
Ministerand now Leader of 
the Rne Gaei Party 


Dc. Horst Schulnpahn 
Ministerial Director 
Bundeakanzleramt ' 




Premier Andreotti 


H.E. IUit Abdulla A. Saudi 
Chairman aiid 
General Manager 
Libyan '.Arab Foreign Bank . 

Dr. Antonio Giofltti 
Former Budget Minister,' Italy 
A Member of the 
Commission of the European 
Communities 


Dr.~Ugti La Malfa. 
President. • 

Partifo Repubblicano 
Italiano - 




Mr. William P. Drake. 
Director 

Pennwalt Corporation. 
USA 


%£££&£}& C9nf * enCe Or 9 anisa tion, Bracken House. « CsAnbn Sueet, London 01^^ 


Rease send me further details of THE OUTLOOK FOR ITALY COWFPrcwtf 
B lock Capitals Please 


ivams 


: Title •' 

- l S ■ 


Company 


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• . . iff. . , , 


Address 







- - -- 





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. 




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M LA bo l r news J] 


>rk :h 7 sler Renold dispute likely 

.. v n9011DCI1 j i i /m • ¥ 






L/vuuvu J 1 TB /ir» • -W. 

onsider to be made official 

# BY PAULINE CLARK. LABOUR STAFF 

|l a | ^lTlQr - THE AMALGAMATED Union of guiiranices for implementation average between £, 

Engineering Workers is likely iu aftpr the start of Phase Four. week. Their main 

mat a nlKnnl thin uippk s siv-flav n.. „ . . . PurH llul/ir 


Some 


•• SLER TOOLMAKERS may 
. ed with a decision on strike 
over a pay claim when 
return from their week- 
autumn holiday 
strike is one of three 
ative recommendations 
Rewards are considering ; 

. ntually a recommendation 
. o to a meeting of the 260 
7>om engineers at two 
. ler lactones at Coventry. 
Phil Povey, an engineering 
official who met shop 
*ds on Saturday, said that 
. . . courses ior action were to 
. a fair-wage claim to the 
- •= il Arbitration Committee 
give a trial period to the 
"• ny’s self-financing . pro- 
- ity scheme. 

fair-wage claim, if 
. ed by the committee, 
mean £1 extra in pay 
: is plus the £5 promised in 
-productivity deal. 


LADE in 
ourt on 


THE AMALGAM ATED Union of 
Engineering Workers is likely to 
make official this week a six-day 
old .strike by 1.000 . workers at 
;RenoUTs Coventry power trans- 
missions factory, in what is 
believed to be the first stoppage 
over the -engineering federation 
members' special problems with 
j the Government's Phase Four 
i pay policy. 

! What the employers described 
jas normally peaceful industrial 
l relations were broken when the 
; company made an. initial 3* per 
[ cent pay offer in response to a 
^substantial” claim which the 
union says was in line with last 
year's 10 per cent wage increase, 
j The company is -among many 
[others in the Engineering 
i Employers* Federation which 
i face particular difficulties in the 
j current wage round because of a 
[national agreement reached lad 
February which gave earnings 


guarantees for implementation 
aftpr the start of Phase Four. 

The Govern mem has made 
clear that the earnings rise based 
on ihe guarantee — which in the 
case of Kenold was II per cent — 
has lo he included in the overall 
five per cent pay limit. 

Ttcnuld said that because pro- 
portionally few of its Coventry 
workers would benefit from the 
shift and overtime increases in 
the guarantee, it was now offer 
mg instead a straight 5 per cent 
without paying the increased 
earnings in the National Agree- 
ment. 

But according to Mr. Jira 
Griffin. AUEW district organiser. 
** On the face of il. a war of 
attrition has already started.” 

Most of the workers’ involved 
are women employed as semi- 
skilled machinists on the. 
assembly line and earning on 


average between £35 and £65 a 
week. Their main customer is 
Ford Motor Company. 

Mr. Griffin said the walk-out 
was a spontaneous reaction from 
the shop floor against a 
'‘ludicrous’’ pay policy. 

The union was waiting for tbe 
next move from the employers 
hut this was unlikely lo be made 
until after the end of tbe 
autumn week holiday starting 
today. 

The federation said that as 
far as it knew, this was the first 
of its members to suffer indus- 
trial action as a result of the 
effects of the national agreement 
on this year's pay rnund. 

About two-thirds of the federa- 
tion's 6.000 members could be 
faced with serious constraints on 
their negotiating freedom 
because of the need tn cost the 
industry-wide, agreement against 
this year's wage settlements. 


• - . .-i-'P*; • 


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Unions will co-operate 
with Tories-Prior 


/ ednesday 


i s i s 


'■"--OOur Labour Staff 

j'ELIMINARY bearing of a 
\ J against SLADE, the 
’’' r -'--C y of Lithographic Artists, 
... ~- - ..y Aners and Process Workers, 
\ y - .ed in the High Court for 
-• , — 'csday, leaders of a cam- 

for members' rights in the 
— t s artists ' section said yes- 

’ — - campaign leaders won a 

•. H .urary injunction this vreek- 
.- / i sain st SLADE to prevent 

edariDg the result of a 
, and from acting upon 'he 
' in the latest development 

~ •- -< union's internal row over 

J ilatjnn of a constitution for 
ADE art union, 
where of the artists’ section 
-; - ‘:?~ 1 >formcd themselves into an 
‘ — ^.aion which, it is proposed. 

— -J be part of SLADE but 

< « , its own constitution. 

U, * l*y have brought a case 
: i i l \ Si? i] fist SLADE on the grounds 
■*"**■ *- # viiJ\|the ballot would be in ; 

h of a court order of lastj 
• ... _.ry. when the union was 
- - . . ,: nted from setting up a 

: itution for the art union 
- gh a conference with art 

■ - n members in the minority. 

oessage on the ballot forms 
Mr. John Jackson, general 
say of SLADE, urges art 
members to vote for 

■ ■•IE’s proposals for formulat- 
ales for the section. 


\ 5 i 

« j ;. 


NCES 


BY OUR LABOUR STAFF 

MR. JAMES PRIOR, Conserva- 
tive Employment spokesman, has 
been told by ieaders of Britain's 
principal trade unions that they 
will have no difficulty in work- 
ling with him if the Coriserea- 
i tives win the next election, 
! according to News for Trade 
1 Unionists, the Conservative trade 
! unionists' publication. 

In an interview with the paper. 
! Mr. Prior dismissed as “ election- 
! eering ” statements by a number 
I of union leaders at the TUG in 
'Brighton that they would find it 
difficult to work with a Tory 
Government. 

Mr. Prior talked of a “friendly 
and co-operative ” relationship 
with trade union leaders whom 
he had visited often at their 
request. 

He referred in particular to a 
visit to the headquarters . of the 
National Union of Raflwaymen 
in London. 

Mr. Sid Weighcll, general 
secretary of the NUR which is 
historically tied closely to tbe 
Labour Party, is one of tbe union 
leaders who earlier this year 
demonstrated an hostile approach 
to the Conservative leadership. 
After his union conference in 
Llandudno. North Wales, voted 
for a continuation of the social 
contract, Mr. Weighell made it 
clear that the pact was Apt for 
a Conservative Government 

Mr. Prior, who told the feper 
i be was on first-name terms \ith 
the union leaders, declared that 
there were “very few” of thka 


who had not. been to his house 
uvpr the years “ : nd sometimes 
we go to a restaurant.” 

Apart from visits tn Congress 
House and to tbe NUR, he had 
been to the headquarters of the 
Union of Post Office Workers 
and ASLEF, the train drivers' 
union. 

Mr. Prior had given the union 
leaders an undertaking that 
there would be full negotiations 
before any changes in the indus- 
trial relations laws.. Changes 
that were being contemplated, he 
repeated, were minor. 

Promising a meeting with the 
six TUC members of the National 
Economic Development Council 
on his first day as Secretary of 
Stale i n a new Conservative 
Government, Mr. Prior said: “1 
am certain that a spirit of co- 
operation and goodwill will 
exist.” 


Engineers’ ban 
prevents 
long-haul flights 

BRITISH AIRWAYS long-haul 
flights are being hit by an over- 
time ban by engineering staff. 
Two flights, to Los Angeles and 
to Montreal, were cancelled 
yesterday, and two to New York 
and- Johannesburg will be 
cancelled today. 

The 200 to 300 passengers a 
day affected arc being notified 
in advance and rebooked on 
other flights, sometimes with 
other carriers. 

The engineers want pay- 
parity with British Caledonian, 
the independent airline. The 
engineers say the difference 
amounts to £4 to £6 a week, but 
the airline says the differential 
is only about £2 a week, and they 
cannot pay it because of Govern- 
ment pay guidelines. 



. . ,V -V-“ 

- A ,*' ' — ' 4 7 ‘ 

h, 


' ? 


4.45 pm. Report to complete. Post to sign.Telephones ringing. 
Questions tired at you from all angles. Hot and smoky. Its all closing in. 
Time to dear the air. Xpdair Ians will do the .. 

inh efficiently, economically and unobtrusively / 
year in. year out. i 

Xpelair make window, wall and roof f 



/•— 
/ . 

} — 


1 * 



la 





► x-- . ■ * — 

-V •-'V'.;. 




a 2 year guarantee and a full service back-up. V ■' 
WTterever you live, work or relax, ■ ] 

Xpelair lets you breathe much easier. \ 


Miners earn £55 extra pay 


IGAL NOTICES 


RECORD - BREAKING face 
workers at Bolsover colliery, 
Derbyshire, have earned incen- 
tive payments of £55 in a week. 

Mr. Peter Heathfield, secretary 
of Derbyshire Mineworkers. said 
yesterday. “This is the highest 
1 have heard of.” 

Bolsover miners, who hesitated 
3brmt joining the incentive 
scheme, have broken - their 


MOTOR CARS 


weekly output record for the 
fourth time since March. 

They claim to be the highest- 
paid miners in the area, and 
former Bolsover miners are 
applying to return. 

Mr. Heathfield said that from 
time tn time a pit had a very 
good run but then “mother 
nature” altered working condi- 
tions and hieh production be- 
came more difficult 


Wf We do if in ffee nicest possible w®y. 

©Xpelair 

I jifj- - For full details ofXpelair extractor fans and air-change calculations, write to:- 

' ■.** Publicity Department, GEC-XPELAIR LIMITED, P.O. Box 220, Deykin Avenue, 

■ Witton,BinninghamB67IH. Telephone: 021-327 1984- 









Ko. mesas or tsrs no. erases or tws 

w HIGH COURT OF JUSTICE In tbe HIGH COURT OF JUSTICE 
: mrtston Companies Court. In CtanmT Oirlsion Companias Court. In 

Vv rftier or JUSPAUI LIMITED and in Hie Matter of GTLDKA 'INVESTMENT 
'3 Si'w TUc CwnponJes A«, IKS. COMPANY - LIMITED and. In tbe Matter 
yj&CE J5 HEREBY - GIVEN that x o f The Campanies Act. IMS. 
f ;- t h ror tlv* wlndinc np oT 0u> above- NOTICE IS HEREBY GIVEN, dial ■ 
ara Company by the HWt Conn of Petition for the Wind His np of the above-. 
21) was on the 7th day of Semvmber. named Company by- the High Conn of 
oaenied to ibe s aid C oon by P-PS. Justice- was on the J*lh day of September 
:n FOODS LIMITED, whose reus- MW8. presented w the said Cour t by 
office is situate at 97. Parkway THE MAYOR AND BURGESSES OF THE 
Sheffield 9. and that tbe uU LONDON BOROUGH OF HARINGEY at 
I is directed to be heard before the the Cfrtc Centre, Hilda Road. Wood Green, 
sfutng at the Royal Conns . of London. N. 23 , and that the said Petition 

Strand, London WCA ILL on the is directed lo be heanl before Uic Court 

y of October 1978. and any creditor sitting at the Royal Conns of Justice, 
nribniory of Ihe said Company Strand. London WC2A 2LL. on the 
s to support or oppose the maWng 23rd dar of October 1978. and any creditor. 
Order on tbe said Petition may or contributory of the said Company 
at tbe tbui 1 of hearing. In person desinus - to support or oppose the making 
"'"'lis vaunsul. for that purpose, aod a of an Ord^r on tbe said Petition may 
f ibe Petition wfli be furnished by appear at Ute tune of bearing, m person 
drnsicnud to any creditor or con- or by his counsel, for that purpose- and 
t of the said Company reqoirtug a copy of the Petition wtll be furnished 

on paymeui oi - the regulated by the undersigiv-d lo any credilor or 

for the same. contributory of tbe said Compn ay r- quir- 

TERBERT OPPEXHEGUER, - - mg smh copy on payment of the reaulatetT 
. . -IATUAN & VANDYK, charge for \he same. 

: ‘ :.f. Cop'.h, ill Avenue, T. F. NEX'JLLE. 

ondon. EC3R 7JH. Cblcr Solicitor for anti oc bchatf of 

Tl'KGG SRO.ajIK the Mayor and Burcesv.* of U»e 

obcllors for Hie Peiirtoner. I^odrrn Borouxb of Rarinney. Civtc 

- • " 2.— iVny person wbo Unendir 10 . Cenrp*. H.ch Road. Wood Cmu. 

- ' on the hearing of the said Peliaon London X.32. 

- ' tv« on ar send by port to the Solicitor for the Poiiiioncr 

.-■'lamed, none.? in wriUiiii of his NOTE.— Any person who .minds to 

. ; (i 5 u 10 do. Tbe notice must state appear on t'n.j hearing of the said PetiiioP . 
' . - ru? and address of ibe person, nr. roosi Pnv oo. or send by post to. w 

... *m. the aauw and address of Die above-named noiiec In wnuns of nls 

; ■' nd must be signed by the -person uti-rntion so 10 do. The nwrfi,- n?usr stale 
... or bis or ihelr solicitor i If am •. the name and address of Ihe person, or. 

is' b-? vrri.il nr. H - posted, mm bn- if a arm the name aiai addn-ss of the 

1 by post In snffickn: Ume lo reaiJl firm aod must be mare.-U by tbe iK-rsoti 

■_ jove-nxmed not later dren four or Brra or his or ihelr soilciior ■ ir any* • 

in ’tn.- altera 000 of the 20 th day uf and onw be r^rved. or. if soil.'*. raua ’ j 

■ 197 S. be sent by posi in sufficient lime u» i 

: . Zi .« ■ read! Ihe above-named nw j 

S ^r. four o'iHocW III the afternoon of the | 


•Ss* ^ ^ 


1 *'H 


— for the same. 

IERBERT OPPENHECUER, 

. . -IAT 1 IAN & VANDYK, 

: - 9 . Cop'Jt.ilI Avenue. 
o-Hioii. EC 2 R 7 JH. 

-ef.: Tl'KGO SRO.SOIRt 
olicltors for ihe Petirtoner. 

" 2 .— iVny person wbo Uuettdir to 
on the hearing of the said Peliaon 
tv- an ar send by port to tin? 
.-'tamed, none.? in wriunu of his 


Lotus the car 
Fotlett thedealer 

Lotus Elite. Edal and E^iril at Charles Foliett. 

We've the full range at our Hays Mews premises in 
Mayfair. V\te can a/Tange Test Drives and 
Demonstrations. Ted you about our unrivalled 
after-sales service. And frte facts about teasing. 
Discover the living legend of Lotus soon 
-at Charles Foliett 


HAND PICKED DEALER 


4l’Hay's Mews' 
Berkeley Square 
London Wl „ : . 
Tel 01-493 9952 . 


A copy of 




OF MAYFAIR 


No. IWffiT of 1975 'uur o’eiocV in the at 

"* »«« COURT OF JUSTICE ^ dayTr October 1975. 
ry Dirbwn ConioanieS Coon. In 

-*ner of J.T. i GLASS) LIMITED 

^.he Mailer of The Companleo ^ ^ JUSTICE 


:e is HEREBY GIVEN, that a I Chancery Divifion Cwuwnk-a Cl PUJJ: 
lor Uie WlmiluK up of ihe above- \ Ihe E n ^ VI k L ,ii. S \iali.-r of 

Company by the High Court of TRQYICS LnflTED and in llu. Ma 


. was on ihe I2rfi day of September Tiw V r f?U 1 P ll, ) 1 c ? s - ..ttk , h >i a 

. -Viresenied ia ihe *xd Caort by NOTICE IS HEREBY ^ ^ 

. * AYGR AND BURGESSES OF THE ! Pciiiioa for the wimtnm up of me a no** 
■X FORDLGn OF HARfNGF.Y of I nanwd Ounparre bv ibe ElA i Oiun i « 

. • Me C-mre. Rich Road, wood Green. Justice waa on the Mb day of si pi< m™nr. 

:- . NJK, and that ibe said PeliUoa 1»7> Prtrem’ed W the Court hr 

. ;t«d -.0 bv.- heard before thi- Court INDUSTRIAL MfHLDlNrtS LIMITED 
a: the Roial Conm of Jus ore. whose Reclsier^ IWbceis i« ^ 

London WC2A 2LL, on the F-aradc. London MW. 5LH.and.hai JhtsaM 
jy of October 197H. and any Petlrloo is directed to be heard Jwf»re the 
.- or comribuiory of the said Court aiding at she Soral Souris 
. . ■ s is supjttrt or oppose the maJcnig Jtwuce. Strand. Londi'ii \\qL\ , 

Order on tbe said Pefirion may 2Srd day of Oct°b<.-r 1&.«. and^ ^ai oi - redliw 
: at ihe time oT hearing, in person ar i-ontribuiory of Ibe 'aid Company 
, hi* nnnv!. for that purpose: and desirous to support or oppose thi- maKing 
or ibe Petition will be mrnlshed or an order *u ^ the said 
nnderetoKd to any creditor or appear ar ihe "P 30 . 
u:ory or ihe said Company requir- or h? bis counsel., forrha 
b copy on payment of the reguLiled «PF of the PVtrlim 
lor :bo same. Ibe undennKDed to any creditor or c» 

- t. F. NEVILLE. tributory of the said Company reanmwg 

Chief Solicitor for and on behalf ot yuch copy on paytif.-m of the rctuiatea 
the Mayor and Runtcsses of the charge fhartlio 

' ■--■ I ^ndon Borough of Haringey. Civic SH.YERJIANS. 

Crnirr, High Road. Wood Green. II. HigbSlfreL 

London N.2L Unmet ENj at'J. 

Sollcuor for rhe Petitioner. Sobciioni for th-? Pctlilon- r 

. -.*E. — Any ih-rsun who intends to NOTE.— AW - ,^ Person who '"[‘“'J? 

- - • on itir hearing or the said PctiUon appear on the heartnc >•! the said K-uiion 

sere- on. or send by post to. the mnm serve on or send b, pom re me 

nanitd notice in wriltng of his above-namod. nodee In wrinng oi nia 

: m so to do. The nofJco must stale Inlemion so to do. The noiki inwi siaw 
me and address of ibe person, or. Itki name and address of the persoo. o . 

rm the name and address of ibe R a firm., the name and addrew oi me 

nd must be signed by tbe . person firm- and must be 

i. or his or their solicitor rtf any) or firm.. or tea or their ;obc! or 'ir anyi. 
net be served, or. if posted, must and must be served or. if uosMi. ™»i no 
nt br post In sufficient time lo be sent by post hi sufficient lime to reacn] 
, the above-named not later than Ihe above-named not later Titan totw 
/o’ do.* id the afternoon ot die o'clock in ihe afternoon of tbe 20 in aay « 

> Of October 1973. OttfobCT IW7B- 


. ... MURKETT BROS. LTD. 
HUNTINGDON 
Tei. 0480 52694 

*78 (|an.) 728 Auto. . Bordeaux /red 
cloth. Tint. El. wnidows. Radio/ 
cassette. 6.200 rm. £10,750. 

‘76 3.3 Lia. Artie metal lie/ black 
leather. El. root. El. windows. Air 
cond. 41.000 rm. One owner. 
£8i£00. 

73 3.0 CSA Coupe. Red/black velour. 
GSL. side trims and. wheel arch 
mooldiagi. Radio. ' New tyre*. 


1B75 PEUGEOT 504 Automatic. 77.000 
■ miles. Metallic Silver. Blue Trim. 1 
owner. L2.BOO. Tcleohane Wheat HUf 
424. . Week-ends. 01977460B (Olhce ; 
hours). 

VOLVOS FROM- STOCK. LIMOUSINE I 
. 264TE tat Black: Automatic 244 Saloons. | 
Auto Service Garage. Bournemouth 


j CEE CEE AUTOLEASE 

Leaie yoor company car and enjoy 
tax advantages, Wo supply any make 
of car, van or truck to limited com- 
Jpmicj. Contact Mr.. Anthony, Monday 
!u> Friday, between 7 pm -9 pm. Saturday 
land Sunday between 2pm-6pT7i or 
■write for dctatli: 4. Ash Grove. 
Vfidaware Road, Cricklewood, London, 
INW2. Tel 01-452 5196. 


BARGAIN 
LEFT HAND 
RANGE HOVER 
£4,500 extra 
Must ba sold 
Tel: 021-551 2260 


SOCIETE ANONYME 

Incorporated in France with Limited Liability 
and Registered in Paris No. B 542,105,572 

NOTICE TO SHAREHOLDERS 


EDUCATIONAL 

» > GO ALL THE WAY eh- 

COME TO FRANCE AND DISCOVER 

‘The Total Approach” to French 
at the INSTiTUT DE FRANGAIS 

S ON THE FRENCH RIVIERA ' . . * 

/« available 4-week Immenlah. coarse starts- October 23, November 2D and 
^ (II year. All [waft. Ledoitw aed I nuab (aduded 

INSTITUT DE TRANCMS Fm3> 23 Xve. G to. Lednc 

/ — 0*230 VUlcfrandw-ssr-Mv . Teft {93 ) 80.16.61 7 


LOCAL AUTHORITY BONDS 


Every Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
- offer to the public. 


For advertising details please ring 
.Stephen Cooper 


01-248 8000 Extn. 7008 


Pursuant to the authority delegated by the Extraordinary 
General Meeting held on 21 st June. 1 978 and in 
compliance with Article 1 0 of the Statutes of Lafarge S.A.. 
the Board of Directors decided at its meeting held, on 1 9th 
September, 1 978 that the share capital should be 
increased.from FF. 474.864.300 to FF. 569.837.100 by 
the issue of 949.728 new shares of FF. 1 00 par value. 

Th$ Extraordinary General Meeting held on 21 st June, 

1 978 also approved the merger with Soci6te Chaux et 
Cimentsdu Maroc and the consideration for its net assets 
received in the merger (based on an exchange ratio of 
three Lafarge shares for every five shares of Soci6te Chaux 
el Ciments du Maroc) will result in an increase in the 
share capital from FF. 465.001.200 to FF. 474,864.300. . 

Issue Price • 

The new shares will be issued at a price of FF. 200 per 
snare. representing the par value of FF. 1 00 plus an issue 
premium of FF. 1 00. The issue of the new shares has been 
underwritten. 

Rights Attached to the New Shares 

The -949.728 new shares numbered from 4.748.649 to 
5.698.376 issued with dividend coupons attached 
numbered from 37 onwards, wifi rank for dividends from 
1st January. 1978 and will therefore be eligible for the 
dividend to be paid for the current year. 

The new shares will be subject to all the provisions of 
the Statutes of Lafarge S.A. and will, from the effective 
date of the increase of share capital, rank pari passu with 
the existing shares. 

Subscription Riahts 

The holders of tne existing shares (or the transferees of 
the subscription rights) will be entitled to exercise their 
subscription right of one new share for every five 
existing shares by presentation of coupon no. 36. 

The holders of Chaux et Ciments du Maroc shares, not 
yet exchanged, will be entitled to a pre-emptive 
subscription right of three new shares for 25 Chaux et 
Oments du Maroc shares by presentation of coupon no. 
t> f of the shares in Chaux et Ciments du Maroc. 

Shareholders and transferees of subscription rights may 
make excess applications. The new shares which have 
not been subscribed in respect of subscription rights will 
be allotted to the excess applicants in proportion to their 
own subscription rights within the limit of their 
application. . 1 

Applications from other persons will be accepted for 
any remaining shares, after giving effect to the exercise of 


25 th September# 1978 


Ktefnwort, Benson Limited, 
20 Fenchurch Street, 
London EC3P 3DB 


the subscription rights and allotments in satisfaction of 
excess applications. 

Subscription Period and Payment 

The subscription rights represented bv coupon no. 36 
may be exercised and excess applications may be made 
from 2nd October. 1 978 to 2nd November, 1 978 (both 
dates inclusive) with payment of the requisite subscription 
moneys and delivery of coupon no. 36 to Weinwort. 
Benson Limited. 20 Fenchurch Street. London EC3P 3DB. 

Payments made in respect of excess applications which 
cannot be satisfied will be returned to the applicants at 
their own risk without interest as soon as the letters of 
allotment are sent to the applicants for excess shares. The 
subscription rights will be listed and traded on the Paris 
Stock Exchange, on The Stock Exchange in London and 
on certain other Stock Exchanges on which the existing 
shares are listed. The existing shares will be dealt in ex 
rights from 2nd October.1 978. 

. Payment in the United Kingdom for the new shares and 
in respect of excess applications must be made through a 
United Kingdom Authorised Depositary (which includes 
banks and stockbrokers resident in. and solicitors 
resident and practising in. the United Kingdom, the 
Channel Islands, or the Isle of Man) or an Approved 
Agent in the Republic of Ireland by means of a banker's 
draft in French Francs. 

Since the shares of Lafarge S.A. constitute foreign 
currency securities.f or United Kingdom Exchange Control 
purposes, persons resident in the Scheduled Territories 
will, unless utilising the proceeds of a foreign currency 
loan authorised by the Bank of England for portfolio 
investment, be required to pay the investment currency 
premium on taking up their rights or in making excess 
applications. 

Shareholders are advised to consult their own 
stockbroker, bank manager, solicitor, accountant or 
other professional adviser. 

_ Applications will be made for the new shares to be 
listed on the Paris Stock Exchange and on the Stock 
Exchanges in London. Dusseldorf, Frankfurt and 
Casablanca. 

The Chairman's letter relating to the issue of the new 
shares will be available in the United Kingdom from 25th 
September, 1 978 arid a prospectus containing full details 
of the issue of the new shares and information on Lafarge 
S.A. will be available in the United Kingdom from 2nd 
October. 1 978. These documents may be obtained from 
the Subscription-Agent in the United Kingdom : 



• SAFETY 

■: — ^ — Microwave 

f * PROCESSES 

Reactions take ? et ® ct0 , r 

is simple 

8 ACC flflWPf INSTRUMENTS on the market : 

j AvOkJ I# v II V* for detecting microwave leakage.. 

"a “*■ are generally designed for the 

% FIRST SUCCESSFUL installs- plant size and, therefore, capital U5e of inspectors, maintenance 
?| tion of a Nontax System for gas- costs. wnrt-Are and lahnrntnrv terfini- 

f liquid contacting, which demon- While achieving this high con- J®™ 

it strates substantial improvements tact area, tne hnntax technology S““5; *S22?5!2 

' in cost and performance over can ensure 100 per cent gas * b ® "J SJJJfJSyjUJ 

i conventional gas absorption utilisation m absorption processes “°™ ™P 


EDITED BY ARTHUR BENNETT AMD TED SCHOETERS 


bright glow signals excessive f MACHINE TO OiS 

leakage. ~ 

■aSSSS’S All angle miller from Sweden 

used. However, the builders 

*^*21 ■ on U- h »f t ’ .?• J** h * e £ NEWLY developed* an expert- other is horizontal. Both can among manufacturers of .protjj 

£ini mental machine tool is expected - turn through 360 degrees and types and tools, JSSi- 

MHz t0 ^an g e conventional thinking are- movable. The spindlehadT workshops. R-JJjJ® ff- trying 
f K 2 ^iS about machining concepts, can also be turned through; mental workshops, al JgJ 

^°J‘ b 5 S tSJh according to Its Swedish inventor 360 degrees. The column sup- establishments and in ^ ork T, P a 

Sin t SSv ^t«i ndUStria **** Per Aldrin. The machine, ex- porting the vertical table can. with limited floor area At a 

frequency heaters. . pected to come on the market also bl displaced along- the -base- later date, it . 

before the end of the year, is a plate. - ' • able to scale up me ■ ar2( j w hen the kpindie'uf-verticftL 

__ universal, all-angle milling This new method of arranging a - larger size. : 0-390 nan. The - inaxunum 

P AfloAfiTTA machine. a machine toolis the subject o? . Table size is distance between the. spindle 

iVvilV L LI Y t Per Aldrin is an engineer from a patent application and offers logiiudinal feed wiui xne laoie centre ii ne and the.colnmi 

• Saltsjo Duvnas. The prototype opportuahies for setting all comfit right-angles to tne een^e uue ^ sp i nt ij e is vertical. is } 




Norwesl 
Holst 
total capability 




Reflective 

tyres 


Saltsjo 


process 


f- liquid-liquid, and gas-liquid- Tolitreck Linkrose is continu- is generally considered safe for A Dutch company is’ marketing 
f solid contacting applications. In ing application development the purpose. ' cycle tyres with reflecting sides. 

less than two years the Nontax work on oxygenation of liquid Such a device is file later- The reflective material is vulcao- 

•. method has been successfully and effluent streams; neulraliaa- ceptor Microwave Leakage * 15ed int0 * e *yre during the 

L developed and marketed. It has tion of alkaline effluents by car- Detector, manufactured and sold manufacturing process and is not 

T achieved the design goals pre- bonation; solids separation by in Australia, where it retails in' Stuck to It .. 


with the children- back at school zoutai, vertical and angle mil ud S De macmnra in a very compact * nA-t the vertical mum distance between centre^ ■- 

m/itnrictft. in hI minded on all sides of - the workpiece can macnine tooL. It also enables a is 115 -mm ano ai . gnn nan.-' ' ‘ 

that £e cvclist is nnJo/the most be carried ont without resetting, high-precision machine to be column- 125 mra. . _ .. the ' exoloitation^nf " r - 

“SiSSS rf rt iS£S£l th Conventional machines have manufactured at a moderate' cost. - TChe vertical feed is KS mm Wd For the ; 

vulnerable of roadflsere one work table. This machine has A market will Primarily be. the distance between the spindle new dwt^.PerAi^cog^^ 

A Dutch company is marketing itVMK The tables are simitar, and open for a relatively small and centre and the table when the • ' 

cycle tyres with reflecting sides. oae ^ ver tical whereas the compact machine such as this kindle is horizontal is Ms) mm, at AB bweoovo. . ..V*. 


•I uses large amounts of energy. pe r hour, .producing dissolved scientific and Industrial effect ‘ was stiU 80 ner cent after 
: Kontax technology, by contrast, carbon dioxide concentrations of Research Organisation (CSIRO) ISw km7 The 30 m eSr reduo- 
.i takes a substantial step forward up to 10.000 PP m has been aad t t, e manufacturers. Electro- tion was caused by dirt and wear. 

» by overcoming these disadvan- installed. It can be operated at bits Pty. of Clayton. Victoria, are « Z ”' , J* - * t , 

, tages through a new flow regime least one amosphere lower in looking for companies interested .Other; trials have shown that 
-. which ensures a very high den- pressure than conventional ^ taking exclusive distributor- “ e reflective material incor- 
sity and turbulent bubble phase, equipment at equal temperatures s hi ps (with agreed minimum Pirated into the tyre during ihe 
J This means in practice the — or at a temperature up to 10 levels of sales) in major coun- .vulcanisation process is effective 
generation of interfacial areas degrees C higher if working at tri eB at distance* -of more than 150 

; in excess of 1,000 square metres the same pressure as conveu- of meto!S - por a motorist driving 

i. per cubic metre oF volume-a tional equipment Represerrtativw of BMgb at lOO km per hour this is suffi- 

• ratio of around 20 times greater Furtoer from Priory House, cieQt w ^ ■ 

;; —“‘ssts- sme ‘- DrolWld1 ' 09057 S„«h tartSL^AXSf ti« ffI „ m 

* with concomitant reductions in a661. Cotswold Avenue. Lowton. al $® excellent way of making 

{> Warrington. Leigh (0942)- 67205L the side of a bicycle visible and 

■ & ACCOUNTING • The patented device is ex- identifiable In the dark. The Thi ^ 





© ACCOUNTING 


MAn70n nnn A 0 tremely Simple, has no switches, lla ^ ,le ^ 8 raoge oI and built by Krupp Indnstrie and Stahl ban trunk conveners. It is also used for tnms- , items . sa<* ® * 

8 SilflFPO tor nGW$2.S?GTltS a ! ld 1S .v, oper H ed by ^ n ^ n § lt c, ™“ t stzes - ^ - for moving loads of np to l.«X> tons has porting heavy equipment and new con- components, transformers and MCtrons <rf 

A auuicru lui lie along the seals around the door Vredertem Doetfnchem BV. E0 ^ So serv^e in^ ^ German open-cast veverdrive terSnSs from the assembly offshore drilling rigs. It is driven- hy*-. 

a c a J „r v. ^ ir. vwv. n mr.. ATI of the cooker or Other Unit. A Posthun 24. Dnp- i-hi« Unllanri 5 one 11,10 Service m a uenuau “ ...J no tw jiacoT . 


transporter designed long and 701 Moh - drfte terminals of *b©:-. j 311 serve for .mpylEig 

dustrie nnd Stahl ban trunk conveyers. It is also used for trans- _items , such asbndse, sinp-a na^rea ctor^ _ 

up to 1,000 tons has porting heavy equipment and new con- . com ponents, transformers .apd «*- -. ■ 


AS A development from its-News- sort of help N'ews-Key gives. All cooker or otiier unit A Postbus 24^ Doetinchem, Holland. ° f sWfting the 15 metre hi-h, 80 in point to the working dte. The crawler . 2I0:kW diesel engine. j ‘ ' 

pac bureau-based system for the information vital to the sue- ; .-..-A../'. uune tor snunng tue io mei aIL > • » -- „ 

wholesale newsagents. Gamma cessful running of a wholesale ~r' . : .... -V •' 4 -.V- 

Associates has introduced News- newsagent's business is provided® ENERGY A nilAIITV CflNTBOL - 

Key. a family oE “turnkey" com- on a display screen in simple m 1 ... ■."i,rsr m t|UAUI 1 1 •' -■ 7 

puter systems for wholesale English with no jargon. _p -m j 1 • ;V A j ' a ■ i : j~ '' a-*" - V . : ' aen'd and receive hard ^py user to locate words easily int 

newsagents. At the required time lllmin^ : A MT ATtli) I Afl ^between field and home base or editing purposes. When chal* 

News-Key is being marice ted week, the News-Key system col--*- ytiWllll lltlL IfUllrf.j.. .- ZaUIuIiIuIvU Iwllllg - £ ^hoado umrters over public a cter is simply deleted,- the - 

b i>,« h 2f D rni^? V ^hTih d wiif'ho ^f.^ e all i.-.i et ^f™nt e ° rd oi^ S ’- « N international Standards turbine gives ''M¥ ^stress levels VALUE ENGINEERING, energy range which uses servohydrit^c' h d te | eP hone networks, remainder of the word aixllo.niitilj.; 

JS SSa tSS-Jg’SSSbnZi conwrvatl on. quality control l^d beWMn mMt aHy doses D p. - 

wholesalers in the distributive any failures to deliver certain Turbines for Its 7 TA 1750 ablUt y- : ehly;.* modest in- a + ^ D ^.rf°?nr I fiT^i d ratp £rom *5 1JkES * a compute^; .jes the equipment is' The equipment ca» work la 

tradpc in enmiri!* mnnths fJther nnhliMtinn? inH nrnrfurps rlpar an;.- - .... CreafiK'in maxllnlim tamnoratiirp ^ a greater -need TOT first C8 cnntrol led Unit which' uipfH*- :• . . ' ■ : -i: u -.s: a fnll rirmlair mnriA 


J\ey, a lamuy or Turnkey com- on a display screen in simple . . w-. . - - • • - • ; 

puter systems for wholesale English with no jargon. tw _p -m . ■% • ;V ' A j ' . , ; y a' a*"' §eiiA and receive hard «>py user to locate words oasalydut v 

newsagents. At the required time each 0^<)C filming : • A 11T Aftli) lAfl rP^TltW between field and home base or 'editing purposes. It'Iieh'A'thaN'^- 

News-Key is being marke ted week, the News-Key system col--*- " ” vIlUl 1141. 1/11115 .j.. . x\UI.Vrllldt.lrVU t-V^r***S ^headauarters over public acter is simply deleted,- th^'* 

„ th l f D r d w i t? 1 hi" c 311 international - Standards turbine gives idvr : ■'stress levels VALUE ENGINEERING, energy range which uses sem>*yib^<r ^ h d te | eP h 0 ne networks, remainder of the word aixllo.niktii}.; *• 

£ 2S5r ^JSPSS&JSZ P « mdould. con B ™i.on. Quality ^cqoirql ni covert atomic oasadt™,^ P “A JSLT«- ally doses op. . . >.r ij 


trades in coming months. Other publications and produces clear mac hine, filling a gap in the crea^a in maximuni temperature 7 esting roate rials 

systems for retailers in this mar- and concise Invoices to the present world produttlon of in- to 840 deg. C, the high reliabi- a 2d P comuonenti ' qirickS either 
ket seement are also in the nine- retailers. «« h.rhino, a . . rapon xVrr-, 


ket segment are also in the pipe- retailers. dustrlal gas turbines., 

line. News-Key is the latest DEC- Power increase 

News-Key is available in three based venture by Gamma, largest mainly achieved by 
basic models and can be tailored UK user of these machines, the efficiency of the c 
to- suit differing user require- Gammas recent annual report to which an additkma 
merits. The model required disclosed a company growth rate been added to providi 


control led mil which b01Ised ta ' an erecunve briefcase full duplei mode (that te. it can. 

porates a touch switch control ^ . A - ei; , hs eight pounds, receive while it is transmitting) ? 


oeen auaeu 10 provaae a greaxer eqmppeu wnn • BoUd stale natinnaliwt industries like steeL mane -test sequences.- xvew 4>r oi us en--cLr«acuoiuvj. yumn rn,- w.nAcm rifial fr*. ;■ 1 

depends on the number of news- of some 40 per cent w>ich mass flow at a pressure ratio of governor -end controls, a high aD{ j aerospace . modified tests can be introduced: paper. Connection to phone lines huenev^^? 1 iSvin^similarm^^ 

asen s that the system is to implies that its turnover could 5:1 and by modifying the com- energy ;' ignition system, and an ?l d ul^h2 been comoaia- The computer tabulates and is via acoustic coupler or direct “"J 

handle and the number of ter- over Lake tiiai of its main sup- busion chamber and. burner to onderbase which cap be coupled arr ang es results: for prinf-ouTiu to the line via a yack. ^ pee r.: 

mmals required. pher—Digital Equipment Corp.— deal with a higher heat release, to '.n matching, base • for the tbe format required. Tbe VDBV To send a message the user H P: - tQ '® 0 characters/sea ... ^ 

Knowing exactly the quantities within three years or so. Compressor and compressor driven unit forming a « in S Ie SrilitiP^?tWs d kind bm TOIE puter and floppy disc' axe diJis ?he number required and Sealed to military stan dards ^-: 

of each publication that are Gamma Associates. Compass turbine speed of the machine rigid unit More from the com- S“S5i e 4 * available on a time-shared basii H -hen voice contart has been ^ against -the ingress of moisture-' 

ordered by any particular cus- House. The Ropewalk. Notting- have not been increased and the pany at P.O. Box 1; Lincoln LN2 ic for calculations, on' line analyst established, clips Ahe handset intn^ -.and dust, Ihe briefcase unitawts-. 

tomer at a second's notice is the ham. NG1 5DQ. 0602 49555. use of two stages for the power 5DJ. (0532 252120). ,, < ^“S^SJL ™ and TeS work tisiSg bS?C g?^ coS^lJ 

^ 1 A-US1S r^iis area is ■- - - ‘ ' variation being" automatically mailable miUtary packages.,-.. 


language. ’ ' ’ ' variation beit 

Daxtec Engineering. Mill Race accommodated. 


Darter Fncdneerinv whnw <u.rvo- , «*«f accommoaaiea. • ... . .' Racal says that “an oil COnr/; 

5^Uc^!S5Sr£*chiSa1iS West '-^ He then has the choice ofWV j .. ***¥ S’SSJS- 

broken new ground technically. 1 dsDio •* sending a message direct simply " f 

In- the nine years it has been by typing it on the keyboard or wherever ■ written instructions. .- 

formed Dartec has expanded by ' '■ of typing it into a 1, 000 char- jj^eto be ^commuxMa ted _ using - 

50 per cent annually and is now m DATA LINKS actef memory from which reliable, rugged equipment. . 

a leader in the UK with a strong it can then be read back and More from , ..Tollgate Road., 

world potential it is beginning to np_ __w ■ - j;™. i edited '.to a final and erroMree ■ Salisbury. . . Wiltshire, SP1 2JG 
exploit. Its success is based on I OHPllPTlPfr «..J-£or».i Depresrion i of a' button :(OT22, 28011): . *v . 
a hard-headed approach to design v M.^U.V*-*V!** . . lafcds the-message from the store , ; , . . . •••'.,• •• 

and construction with the aim of j j • . .« " * ana sends it down the line. Store . . ■ . ' • - 

solving persistent problems at - TPlPTlTf TllPl* • life is tea days.-- •. ■ • • . - # Bp agree ment between the;, 

worthwhile cost. The urn ts are *-viV|«iinvi While fyping, the characters Financial Times .and ihe.BB&l. 

priced from £10 OQO-%60,000 and BASED UPON designs for its appear both on the two inch information from The Technie& : .~ 
the most sophisticated can.be battlefield portable teleprinter, strip printer and on an LED for JTSuiE'- 

fre ?i n? Racal-Datacom is.offerfraa com- single character display above 
senior laboratory staff ior other mercial version which will allow the keys." allowing easy verifica- Corporation s External Ser wgtf . 

worIC - businesses, utilities and the lion of what has been typedT The 03 ’"^teriqi /or its mrer-,. - 

Dartec has now added to the emergency/security services to character display also allows the seas broadcast*. . 


COMPANY NOTICES 


BARLOW RAND LIMITED 

'incoroar.-tTcs m tie ftopum-c si SouJh AWcaJ 
DECLARATION OF PREFERRED ORDINARY DIVIDEND NO. 1 
NOTICE IS HEREBY GIVEN thj: Brcierrrt ordinary dividend No. I of IB cents 
per oreicrrdd ordinir, share has been declared, payable In the ciirreiKv of the 
Republic of Scurh Africa, to holders of preferred prdlnary shares registered 
as such at She close pi business on 6 October 197a. Dividend warrant* will 
be posted to those holders entitled thereto on or about 6 December 1978. 

ror the purpose Of determining those holders to whom the dividend will 
oe paid, the iransior books and registers of holders of preferred ordinary 
..hares It South Africa and the United Kingdom will be closed from 7 to 
13 October 1978. both days inclusive. 

The rate of exchange at which the dividend will be converted Info United 
Kingdom currency for the payment Irom the office of the United Kingdom 
Registrar will be the telegraphic transfer rate of exchange between Sooth 
„ ri ^? * n ? lhe United Kingdom ruling on the erst business day after 
17 November 1978. 

In. terms oi the South African income Tax Act 19S2. as amended, a' 
non-resident shareholders tax has been imposed on dividends payable tot 

a> Persons other than companies, not ordinarily resident nr carrying 
on business In South Africa, and 

b) Companies which arc not South African companies. - - 

. ,.„_^'* T1D3ny wil1 . accordingly deduct the tax. ait an effective rate of 
13.49775 per cent, from dividends payable to shareholders whose addresses" 
In the registers are outside the Republic of South Africa. 

By order of the Board 
W. C. WARRINER 

Registered Office: 22. SetHeinber F I97B 

Barlow Park. Katherine Street. 1970 

Sand-ton 2196. South Africa 

fP.O. Box 78-2248. Sandton 2146, South AtrtcaJ. 

Transfer Secretaries: 

Rand Registrars Limited. 

2nd Floor. Devonshire House. 

49 Jorlsscn Street. 

Braamfantcin 2001. South Africa 
■ P.O. Box 31719. Braamfontetn 2017. Sooth Africa). 

United Kingdom Registrar: 

L lords Bank Limited. 

Registrar’s Department. The Causeway. 

Goring- bv-Sea. Worthing. 

Sussex. BN12 6DA. England. 


S0CIETE CIVILE DES 
PROPRIETARIES ^OBLIGATIONS 

A TAUX D’INTERET VARIABLE FEVRIER 1978-1984 
DE US$1,000 de la 
BANQUE NATION ALE DE PARIS 
(hereafter referred to as ** Sod£t£- Civile ") 

SiSge Soda!: 16, boulevard des I ta liens, 75009 PARIS 

CONVENING NOTICE 
(Second convening) 

The genera! meeting of holders of die US$1,000 floating rates notes, due 
1?B4 representing um US S 75 million loan which was mued oudide Franca 
by the BANQUE NATlONALE DE PARIS, convened In accordance with the 
articles of association and article 3?4 of the law no 66.537 dated July 24. 
1966. on September 20. 1978 having been unable to deal with the agenda, as 
the necessary quorum was not present, it convened again for October 16. 
1978 at 3 p.m. in PARIS (75018) 8. Rue do Sofia, in order to deal with die 
same agenda : 

1, Confirmation of the appointment of the flirt two Director, of the “ 5od£t6 
Gvile ”, 

2. Designation of rh* place where the attendance register, the minuets of die 
meeting and in appendices are to be deposited. * 

In order to attend or to be represented at the meeting, bondholders must, at 
feast five days bofore the date fixed ior the meeting, deposit their bonds with 
the banks and ocher cstatilishments which took part in the placing of the 
Issue: these establishments will provide them with proxy Forms in French. 

Board of Director* 
BANQUE NATTCiNALE DE PARIS 


S0GIETE CIVILE DES 
PROPRIETAiRES D’ORUGATIONS 

71% T977-T982 de US$1,000 de la 
BANQUE NATlONALE DE PARIS 
(hereafter referred to as " Soci£t6 Civile ") 

K4ge Social: 16, boulevard des Italietu* 75009 PARIS 

CONVENING NOTICE 
(Second convening) 

The general meeting of holders of the US 5 1.000 7} % noeas 4 im 1982, 
representing the US S 50 million loan which was issued outside France by the 
BANQUE NATIONALS DE PARI5. convened In accordance with the articles of 
association and article 314 of the law no 66.537 daud July 24, 1966, on 
September 20. 1978 haring been unable to deal -with the agenda, as the 
necessary quorum was not present, is convened aglin tar October 16, 1978, 
at 2.30 p.m. in. PARIS (75018) 8, rue da Sofia, in order to deal with the 
same agenda : 

]. Confirmation oF the appointment of the first two Directors of the " SeciM 
GvHe *\ 

2. Designation of the place where the attendance register, the minutes oF 
the meeting end is appendices are to-be deposited, 
fn order to attend or to be represented at the meeting, bondholders muse, at 
least five days before the date fixed for the meeting, deposit their bonds, with, 
tho banks and other estafallihmetm which took part in the placing of the 
issue: these establishment* will provide them with proxy forms in French. 

Board of Directors 
BANQUE NATlONALE DE PARF5 


S0CIETE CIVILE DES 
PROPRIETAIRES D’OBUGATIONS 

A TAUX D1NTERET VARIABLE JANVIER *977-1983 

PE US$1,000 dc la 
BANQUE NATlONALE DE PARIS 

(hereafter referred to as " 5od£t£ .Civile ") 

Sidge 5oaai: 16, boulevard des ftaliens: 75009 PARS 

CONVENING NOTICE 
(Second convening) 

The getters] meeting of holders of the US$1,000 floating rate notes, dm 1983, 
representing the Ub 5 70 million loan winch was raiueo outside Prince by tin 
BANQUE NATlONALE DE PARK.- convened in accordance with the articles of 
association and article 314 of tin taw no 66.537 dated July 14, 1966. on 
September 20. 1978 having .been unable to deal with the agenda, as the 
necessary quorum was not present, is convened again tar October 16. 1978 *t- 
2 p.m. in PARIS (75018) 8, Rue dc Sofia, in order to deal with die same 
agenda : 

1. Confirmation of the appointment of ehe first two Directors of the “ Sod6c£ 
Civile". 

2. Designation of. the place where the ascendance register, the minutes of the 
. meeting and in appendices are eo ba deposited. 

.In-order to attend or to' be repr es ented at the meeting, bondholders must, it 
least five dm before the date fixed tar the* meeting, deposit their bomb with 
the hanks and other establishmenti which took part in the placing of the issue: 
these establishments will provide them with proxy forms In French. 

Board of Director* 
BANQUE NATlONALE DE PAP IS 


nyaxauuc testing maemnes nave land ^ DYg un- 
broken new ground technically. 

In- the nine years it has been 
formed Dartec has expanded by 
50 per cent annually and is now 0 DATA LINKS 
a leader in the UK with a strong 

world potential it is beginning to TP^„ Ji' '■ ' 

exploit. Its success is based on 8 OlIPnGYIP 
a hard-beaded approach to design v 
and construction with the aim of j j • . "a 

solving persistent problems a*L fP|p71|*l|lfpi* 
worthwhile cost. The units are lilt VI. 






mmm 


■j : l u* 


RHYTHM WATCH CO.. LTD. 
nilivthtn Tokd Kogyo Ka bustlllri Kateba) 

NOTICE TO HOLDERS OP EUROPEAN 
DEPOSITARY RECEIPTS r - EDRs ”i 

EVIDENCING 5HARES OF COMMON 
STOCK OF THE ABOVE-NAMED 
COMPANY •'■SHARES-! 

NOTICE IS HEREBY GIVEN to EDR- 
holtferi that ft Is the intention of the 
management of Rhytfim Watch Co.. Ltd. 
■the Company to pay. cowards trie 
end of November 197B. an Interim cash 
•Hvhfend of Yd -50 per Share (Including 
a special dividend of Y0.75 per Share) 
In respect of Hie vear ending 31st March 
1979 to Shareholders on the register at 
the dose of business on SOtti September 
1978. Commencing on 27Ui September 
1970 the Shares will be traded on - the 
Tokyo Stock Exchange ex such dividend. 

According!*, coupon number 3 to Hie 
EDRt will be used lor the purpose of 
claiming tMs dividend and win be deemed 
to mature at the close of business in 
Lmcenrtmirg on 26th September 1976. 
After that time coupon number 3 should 
therefore be detached from any EUR 
presented lor surrender and wfl! not be 
Issued with any new EDR. 

A further notice will be published stating 
the amount and date of payment of the 
said dividend, together wtth the pro- 
cedure to be followed for obtaining pay- 
ment. as soon as practicable after receipt 
of r*w dividend by the D e positary. 

_ EOB-toWw! are ■ Informed that the 
Company will close the Shareholder^ 
register on 1st October i«7B and- re-ooen 
K on 1st Norember 1B78. During this 
period Is wHl not be passible to .register 
the Ira n»»*r of scares withdrawn against 
Hie surrender of EDRs. 

KLE INWORT. BENSON- LIMITED 
DepoPltafYi 

22nd. September 1978. 


5lj% TREASURY LOAN 2006112 
BONDS TO BEARER 
The Rank of England give notice that 
new COUPON shouts for the above- 
mentioned Loan wlH be available on or 
after if»h November, 1978. In exchange 
tor TALONS. Listing forms for talons 
are savilable from the -Chief Accountant's 
Office IBank Bulldlncnl. Bank of England. 

Princes Street. London. 
EC2R 8EU- and talons should he ore- 
rented there for exchange bv Authorised 
Oeoosltarlea. On befuir of th» holders, 
from the 3rd November. 1P7B. Talons 
should not be sent through the Pott. 

. Authorised Depositaries are listed In 
the Bank of England's Notice ECl and ■ 
Include most hanks and stoeirbmkery and 
solicitors practising In the United Klitp- 
dnm. the Channel Islands or the Isle of 
Man. 


CONTRACTS 
AND TENDERS 




NOTICE 

By this means k is hereb 
announced to all intereste 
parries that the dace a f sul 
mittal of prequafificacion- doci 
menu for public bid '335-7' . 
CivH Works 1 (Dam. SftillW; r 
and Diversion Works), 'com - 
ponding co. ' Foauna Proje t 
Development has been . post- 
poned from September 30, 19vB 
till October 30, 1978. . j 


PERSONAL 

“vjsgah -rfe jsrjafp.jLY 

ftSShb. w tl 


CLASSIFIED 

ADVERTISEMENT 

RATES 



CLUBS 


Carte or AN- in M*nu. T hree Spectacular 
Floor Shows 10.4 5. 12.4S and 1,45 and 



ART GALLERIES 


W.1. 01-493 2830. .LILIAN < 

recent watercolours. Sept. 12- 
Mon.-Frf. 10^. 


COURSES 


7X~ A Places available 
gn 3-day October course " Getting the 
best from closed circuit Television." 

^^iaraHNr 1 ltd 


-CfRnwBPdH fc ItthBOlal 
Property 

Per 

bne 

l 

Steal* 

cotoffttn 

cm. 

- . £ 

U M 

ResWentojl Property 1 

4.50 

2.00 

M-W 

8J» 

Appointments 

<J0 ' 

Mv00 

Business & investment 
OoponunitiM. GorgorstXm 
Loans, Production 
. dpicily. Businesses 

Pot Stie/Wopted 

8.25 

JM0 

Education, Motors. 

Contra as.!; Tenders, 
Personal. Gardening 

4J5 

.13.08 

HoiNs A Travel 

2.7S 

.10.M 

Book Pubfisban 

_ 

7.00 


;:K. ■ ■ 


WL.- ‘yi. v. iri?'. 




■tess 


Premium PtoiUoo* evallaMfl 
(Minimum state 40 column oh 

ll Fn/reJJh^ a J ;o,um * “ « uar * ) 
For huffier dciou, 0; 

Classified Advertisement 
lOanager, 

Financial Times, 

10, Cannon Street, EC 4 P 4BY 


UNiCO BANKING GROUP 

PcOlidpating banks; 
Anddsbankcn-Danebank ( Denmark) 

Caisse National e de Cn?dit Agricole (France) 

Centrals Rabobank (The Netherlands) 

DG BANK Deutsche Genossenschaflsbank West Germany) ?! 

Genosscnsdiafdiche Zentralbank AG (Austria) 
QKQBANKOsuuspankkien Keskuspankki Oy (Finland) I- 




_ Six rnjor European banlcshOT 
Joined forces andnow form 
. - -l^CD BANKING-GROUP with an 
aggregatebalance steet total of sc»ne 
S2253billion. ' 

The group with the wide spread base. “ 

UNIGO BANKING GROUP- '-r 
comprises some 36,000 offices and 
branches, the densest networkof 
banking outlets in Western Europe. 

This web of offices not only 
allows for speedy execution of 
all types of banking activities but also 
enables other extensive services 
• . suchas-new business contacts aiai 
detailed infonjiatiori esped^lty: V, - 




, . . and inVe^^tt^port unities. ’ ' 

- . In addition, business elsewhere 
, jn the worldis wjrted by branches, 

SUf^diariesandamiiated banks in 

.r^ndon^Euxembur^Zifric^ 

• r I^ewYoik. the Cayman Islands and 
Hong Kong! •! 

Thegroupwith a wide variety of activities. 
:f- ; . , : ' ;*• . Through itsmembers, their sub-t" 
Sdiafiesandaffifiatedcbmpanies : ; 1 
:: tfNICO BANKING GROUP orowdeS 


tf * '' 1 k T "f V ' : ' g ^ ” * 


finance, project finance andin’ter 
national loan transactions among 
other services. 


1 1 UN *ii I f»T 


DNICO BACKING GROUP by simply 
contacting eitherone of the partner 
banks listed below or the Standing 
Secretariat in Amsterdam, 

L at 604 Keizersgracht Telq^hone 

(^))2Z2Z52,teiex-15412, 


|^-r 












Trafalgar 

ilfield 

>bs 


market after, a “reasonable period 
of lime.*' 

If all goes as it should, Leech 
Homes experts to make a start 
on the project early next, spring. 

Mix of jobs 
by Shepherd 


Sorts sand 
from gravel 


Laing homes and offices 


— : /». ;/■ IX A series of contracts recently Keynes Development Corpora - 

Tl^rtTlI O^rQVPl won, . John Laing Construction lion. 

AIUU1 b iaYC1 has added about £4xn to its order Laing will build 40 two-person 

Australian hospital tLSsrz? *£*« — * - «*. s^'rarJrtfJS 

“ the extracuve mdustrs- has been eont^., from ^ Qredley Group, person old people's flats with 

A £1M contract to build an accumulated heat is not removed developed □> Aiuey Ruadstone j 0 build an office block with associated community rooms in 

extension to a private hospital and replaced bv fre*h and clean Corporation s eastern region. and shops at Stratford. East London, a two-storey block, plus roads, 

at Townsville North ChiepnK- a «. is now in operation. Work is due to start this month drainage and landscaping on a 

...stx .°:s res? ^ ™ *■.<*.*»*,,.«* ^ c s ,BUon rapK,ed hy SMUmd 

tn d - t .... , - e fl Mnnt sanH mrfn - n r or the Centra] Scotland 


"Eb efi ght wa y 
V^Sobaij(fe| 


FACTORIES OFFICES 
ft WAREHOUSES 

CRENDON CONCRETE CO. LTD 
Long Crendon Bucks. 

Tel: 208481. 


fit intl« land Australia, has been awarded computer may be impaired, not This a a face desaoder, which March iggjj F . r e^tiand 

- ITIIX Ul tn Brisbane-based Barclay to mention the quality of input separate sand from gravel “on buildine will wfter Dmio^nm BoSS a 

)Kc L- OI Brothers pty., a John Mowlem from personnel. the spot ^n tbe pj U cutting the have pr( J[ ind . floor B shops £477.000 contract calls for a 

OV anepnern ?? d t ‘°' Associate - Ca,1< ‘ d thc Designed to cover the spectrum cost . pr ,ducl,<m and of with offices above, and a two- 13.600 cubic metre t S ol gallons) 
J Mater MDspilal It is owned and pnvirnnmentnl situation? transportation. storey retail unit at the rear. capacity raw water tank ait Blair- 

EE? lo D SS S than Z^^T Sali0D ° f the ariSln8 frnra the 0peraU0D 0f “ n r, LU :L“ 


^ flr« LrhSie is for Rown- started 


The work, which has just ment^know-^^as'^be ^Conioac processed by traditional methods, ground beam foundations with ,'^ tJl T T“ ir ’P ,e . l,0 “ . d “®. j® VOSSELER. Swiss company, has 

acted, includes the demolition t!" w“Jf e *, C .T C with excess quantities of uosale- <0 s d “ = «ncretefloo« and roof. I? mon^s. .The ‘Project. involves ■ P*-*« 


ground 


been -reinforced concrete pile caps and 


Swiss bid 
in walling 


o J me nrst scheme )S - zor Kown- ucmumiuu nn .. w.: n i., . rn „ mm iujuu 

V work, whfciT wuT^take ^diUm^fSteh^EMds^torc coos^cUo? “^r^T^two-^torey diUoning, Sampson Road North, able saiid being returned as fill, bS5dSg U Sllhav™SS cladding metres' nr" rock and crostructing precision-made demouniable wall 

r^e o u^^eii c , 0 ^ s b xsr 9 pleUQn is dueln laie sr Birmiosb3 m - Bi 1 0 T ZTT”t - s “rsum* jsss stssl be a a n ,i 


The reinforced concrete framed excavating 


cubic entered the UK market with 


SeSnd^^rv W ^% in t h ® drm’s factory complex at a ^^log 
R „? I y - W » te w cosl of nearly £8(XW)00. 

;• , i,f c nt™ e « °iwl he AsaD * Bab For the same manufacturer, a 
• ds -.„ , . _ £368.000 conditioned store is to 


or simply dumped. anodised aluminium framed 8 reinforced concrete water ing (partitioning) systems and 

Under the new process, a windows, and asphalt covered tank measuring 55 metres by 54 laboratories as well as all 

screen enables separation to be n»I. metres by 6 metres high. Other associated components, fixtures 

carried' .* Z ju. Fi^Ro^- ‘"“f : „„ 


». , . _ w»,iwu conaiuonea store is 10 

3 -^£- tl ^ n r 1 ' ^ ^ ^ set up at Gloucester Road. 




■ft 4 . stiff- -c 


■ contained mobile skid- The third project. -worth nearly 

^ -j 11 ™ air-conditioned camps. £400,000. is tor modifications and 

_ ^oprosco International is extensions to buildings at RAF 
carrying nut major Bentwaters in Essex ior . the 
' qs J 7 l .t acts for 01] well drilling USAFE. 

, .^ ; %^5??; scr ' icin S for the Abu Dhabi Last in the series is a- £542,000 
Company. office and laboratory extension to 


Keeps it 
cool in 
computer 


installed witain co m pntcr rnnn,, 2 JSSf^ttZSSSl %*S£*»2E 

STS- in ^e 55dS and consulting engineer (tnac - 


c;isc of large units, in separate 
plant rooms which can cause 


area. . 
mobile. 


mpi-haniral and electrical) nieanwniie, uie company nas 

. The unit is completely ^ ecb “ ,cai ^ ^'^^ L announced that the £2. 6m exten- 

ile, nnd can be moved H I elp> 30(1 BrolhMeI1 > of sion in Guinness's Park Royal 


iaSeimS c«u*u««. AJ , ba ic com p 0ner j t S are 
g ess roads. manufactured in their own 

Meanwhile, the company has factory near Basel. 

The Vosseler/V.'IVO n,od„l a r 


serious problems ol space, duct h-. f i-u-.r^c w Harlow, Essex, 

accommodation, eic. The floor .forwards or backwards by means 


accommodation, etc. The floor ' “ j 
units develop between 60.000 and °f 8 dragline. 
300,000 BTU/bour in terms of Waste sand 
cooling air. which helps e 

Built into the system arc nf the *ite 


arlow, Essex. brewery, 

Second biggest job (£800,000) Region ti 


-. built ' by the London laboratory system was developed 
of John Laing Constnsc *» W fJ ! k S°Til 




~r, 


vr ; ■■ 

Jarnado’s ■ 
Jrtnership 
Ames . 


the existing premises for -VJckers rAAmC control panels, operalionul These' 'desaoder? have been 

Medical Engineering at head lUUnUS lights and switches, heater ™“ " e ™ “ * V * 

office in Basingstoke. ‘The pro- elements, isolator, fan motor and developed by ARC Eastern 

ject is being- managed by- Fuller THOSE WHO work iti computer dri¥e - anti-vibration mounting, because of unusually adverse 


Peiser, who invited selected com- 
petitors to tender for the wbrk. 


5>mes : ; V Turner has 

: : ^‘JER MALCOLM, Wembley- A 

‘;' v 4 housebuilders, and Dr. Bar- WOfl Iti, f-=“lTI ' 

; - Us. have signed a contract TT *'+'2,**+ 

h approximately £6m, to OVER THE past .month, E. 
1 204 homes in an associated Turner and Sons of : Cardiff, 
ure on a Bam ardo's site at Swansea and Southampton has 
or Road, Wooitford Bridge, secured contracts totalling 
. i- approximately £3 im. ■ .* . 

*'te development covers three- Largest is a furniture factory 
: :.-.four-bedroomed houses, two- for Millbrook Furnishings at 
three-bedroomed flats and Tottnn to cost £l.lm. • • 
aedroomed bungalows. AH Three jobs are valued uttfm 
. • - be built for sale to the pub- ef ,ch. They include an expansion 
: - Work on the three-year pro- i n Unigate production plant at 
is due to start early m 1979 Hemyock. North Devon: a distri- 
the. first bouses should be hution warehouse in Chichester 
. ed for sale by the middle of f 0r Carwale Pmoefrles and ware- 
. ' year. housing for West Park (Porth- 

cawll in Stouth Wales. 

-. T ft ! A - lurtunA Th’s i« the first in a programme 
iaior nOUSC of sdmnar wai-phmises planned 
w bv the latter client 

' ...i. Two contract® at £400.000 each 

- ^ V ijnilR”llF cover an administration, bundin' 1 

.. ^ T unA wor1r , honq fnr th¥i Gilford 

: CKPORT-BASED Leech Haven Cnn®ervancv Board '' and 
-• ;es (North West Ltd), newest an extension to Barclays Bank, 

. , .ion of ' William Leech Barry. 

. ;lders) has been selected by v 

. ;eside Metropolitan Borough 
' irry out a £3ra development Id YV>.<CS flCldlilii 
'.,'44 private homes on a 17- JL/A.JpdlllplV^ - • 

” site at Newmarket Road, # ) 

chosen alter 1U SlilCOU V 

: ..ing a design competition for . ’ m 1 

• -project in the face of stiff rnfAirilipU \ 
:«Uion. Companies taking UlUVllI^V \ 

.. were asked to submit de- p FM( . T . n AV • V.„ 
for one or more of four 
. es of the . private develop- d « 

Leech Homes submitted. IK aJH 


tan. -1 _ mdllULULLUI, JIUUIIOUIUI, tUIUMICir LUJIIUUUIIO IHV I CIUUU1UUCU — - _ . , . 

rooms know toat the computer sQfg ant i humidifter, elc. area, vrith sand content as high Borough of Islington, has led to 

itself creates heat. Additional . ^ reuuirement For as SO p*r cent in some places, a third much larger one being 

sources, such as solar radiation, lfl “ ee !.!l- r irr5 ? U particularly t0 20 percent of gravel. awarded to Walter Lawrence and 

electric light bulbs, even body when working alongside the new! Amey Roadstone. 15 Stanhope 5®2di? el SSraT * *£«■!« 
heal From operator, necessitate quiet conrqji.lors-a bi S h effi- Gale, Londou WlY BAR. 01499 gJ*J^ * l was worlh ' 

competent air conditioning. If ciency centrifugal fan is included. 3611. run non and the second £116.000. 


a dragline. Derono “'ss* 81 ut u.mn uansmu- h |ei| companies in Bawl 

Waste Kind is put back evenlv w for homes m Mllto “ K *J, Des ^ on * IS , 10 0 be tQ Pncd on nvpr a iod o/ m 0 years. Their 

lich helps eventual restoration under a «> ntracl fr®® 1,16 M,lton September 28. system meets the sophisticated 

th _ hu bi,* dnmandi of the present day 

***♦ .3 ip.-saMi d , 8 - ^ - chemical and pharmceutical 

lount-of lev elling-oul required. industries and is based on 600/ 

These rdesanders have been ||a DDirc 900/1200mm modules structured 

veloped by ARC Eastern around the patented services 

causer - of unusually adverse 0 Completion on time of two or a new petrochemical plant to distribution spine. 

Motions in the Peterborough contracts for the London be situated at D’-fea near Pem- Vosselcr partitioning systems 


which hrips eventual restoration 
arc of the -4ite by reducing the 
medium grade filters, cooling araount of levelling-out required 

jsfe.-is p sssjrv!ss „ ^ 

elements, isolator, fan motor and developed by ARC Eastern 


manometer, insulation, compres- conditions in the Peterborough contracts 





lajor house 
ivelopmeiit 








uii . m contracts for the London be situated at near Pem- Vosselcr partitioning systems 

areaTwiS sand content as high Borough of Islington, has led to broke in South Wales. have fire resistance of 30-90 

w a third much larger one being minutes and sound reduction of 

awarded to Walter Lawrence and • On October 2 Le\ Hotels will 32-42dB capable of upgrading to 
Son. Each has involved essential be opening ihe Gatwick Park 50dB. 

repairs at Central Estates. Conference Centre which has Vos=eler UK is at Cereal 
Canon bury. The first was worlh ben purpose-built after consul- Hou^e 5S Mark Lane, London 
£60,000 and the second £116.000. tation with conference organi- ec 3R 7NJ 
The new work is worth £258,000 sers. The Centre consists of five . 
for completion by the end of conference/meeling .rooms, a 

the year. s ult ® of organisers' offices and t • » if 

21 study bedrooms on the floor B T| IP Pi 51 1"| E 

• Mahon and McPhillips (Water above. There is a trained staff ^ vlftWlv 

Treatment), has been awarded and modern conference aids 

three contracts in the UK worth such as a complete audio visual /lAHPPO 

£100.000. The first two- are for facility and closed-circuit TV (Itfdlllly LUUloC 
the supply of rotary bridge are available. * 

scrapers to Loughborough Water SOLV'ENT-SOLUBLE polysi* 

Reclamation Works and to O Acoustic panels using Rock- loxane for injection into brick- 
Queensfcry Sewage Treatment wool manufactured mineral wool work. clinker. lightweight 
Works on behalf of the Welsh acoustic materials have been concrete or plaster to form an 
National Water Authority. The installed in two central London effective damp proof course is 
third is for a meat plant in the buildings in order to quiet the offered by Th. Goldschmidt. 
West Midlands and involves the rumble of City traffic for those H L10 is ^unDlied as a 60 per 
supply of a floating aerator. insi de. The panels, employing r p„t so ids oroduct ifhtoh is 
horizontal brush aerator, sludge Rockwool’s RW7 toil-faced slabs SormaHv diluted with - white 
wheel and settling tank equip- formulated to provide a 30- ^ t0 M per cent solids and 
menL decibel noise reduction, are a ^ then rcady f 0r use. 

• Tartnae Conxtructlon^ ^has won ^ g^JSSc tsca rtedou tbTtfe Thfc* solution is ideal for 

the £485,000 job Of building J terraces, elc. where the original 


Injectable 
damp course 

SOLVENT-S 0 L U B L E polysi- 


roads and se were for a big SeU'SSri UwNSioiral flam? 'course has become ineffec- 
Turner estate at Moss ftewk In , ss ^ x> National ^ throuch eve or damage or 

East Kilbride. The firm I, on »«« ^ -»tajr. ^re X'' buifdiog never ba°d 

site working on the ten-month 7 , T* 0 J, SB !Ir ““ me J5arDlcan one 
jj n h Arts Centre. 

J • The solution is unafFected by 

• Fanner Plant Engineering ® Contracts worth £50,600 have both acidic and low alkalinity 
member of the S. W. Farmer been awarded to the Systems building materials. The carrier 
Group of structural engineering Division of the comfort control solvent is a balanced mixture of 
companies, has been awarded a group of Landis and Gyr for the aliphatic solvents which quickly 
contract valued at approximately H.V. and A.C. controls for phases evapo-ale after injection into 
£250.000 to fabricate the plate- 1, 2 and 3 of a multi-storey office the masonry leaving a dry and 
work and structural steel for two refurbishment undertaken by non-thermoplasuc deposit of the 
vacuum charge heaters and asso- Bovis Construction for Mathurst poly.siloxane. 
dated ducting. These furnaces on behalf of the United imiai House. 150 Field End 
will form, part of the structure Kingdom Provident Institution. Road. Eestcotr. itmiJx (USSR mi. 


Insulation Group, 


Lau nurougo -w— « m 

d e?%T£ Expansion 

iarket Road, # a \ 

chose* oner 10 SlilCOO V 


-envelopment takes- place MARLfeY TILE company has ing with contracting dfficulties 

and formerly used for agri- 4L asn '{ lg,0 P °° 2 S?’.,* , jSSSn introduced a new specialist con-- and sub-floor problems, and 
’ire. The project will form “ r . tract flooring service to answer equipped to instal all types of 

almost complete circular JL^K.^ r 0 r n ™ an the CtU »/Si™nfrK placement market, which at flooring from various manufac- 
ne” to a large local authority inr , u ,^_, f0t tne r- ec cs present is greater than the turers. 

loproent of low-rise flats and at thpeamo rimp Oil romnanv market for floorings within new The serviee can programme 
es. ic nibnn'nln ^r'JrnSin build mgs. flooring wotfc to be carried, out 

‘meside Metropolitan S n JieSmilv homes^o meet the Operating under the name of in a busy establishment without 

iugh will provide .Ihe main fast growlS’ in Ideal demand Wallflor Coverings and initially d is rapt ing normal day to .day 


America. It hs an option on 2 i 


Portsmouth’s new Head Post Office, designed 
by architects Scott, Brown rigg and Turner 
and built by Costain Construction, will 
provide advanced facilities spnd accommodation 
well into the twenty-first century. This shot, 
just given PO sanction, shows the site .close 
to Portsmouth and South sea main line station. 
The building has a floor area or approximately 
16,000 square metres contained within a six- 

Gets down to basics 


storey office block and-an adjoining extensive 
two-storey block, the. firit floor of which is an 
open-plan letter sorting office, with the postal 
operations vehicle and workshop areas on the 
ground floor. Thc necessity for the building 
to fill the very irregular’ site boundary required 
the design of a highly articulated building 
form. 


tstructure of main-road net- C ouoled with the move into this n* London and the Soulh East, business. 

- anil mainc cai-i-inas ^ - ...... Ihn „n..i eai-uina ic ctafFnH ht Mnrlou 




; and mains services. 

^iraes built by Leech will first 


5sjffered for sale to families on t>^en awarded preparatory work 
t; ^Tameside waiting list ’ for contracts for some 670 units. Gen- 


area cf expandii\° industry the new service is staffed by Marley Tile Company, River- 
AJready, P local “builder? have personnel experienced in deal- head, Sevenoaks, Kent. 




* V* 

•j 4 i 

*, S- 




s- V lamfMoe waiting list itir contracts fOT SOme 6i0 units, lien- - !• J 

>i--, •* ijril homes. Those remaining star -has opened a regional office W QClf htiPC fWl 
■s? v: -^^?vld will be placed on the open to cope with the work. AjO.kJJ lIlIViJ VI 11 1 UaUiS 

** ^ A PAIN in the back, sore knees. There is a ch 

A and damage to clothing have Pato}- 

been the inevitable results to ca J*J ! e SJ 1 ^ 

. A0*T -i,!! 1 « ^ the operator involved in the an ^ m a wa 

. _ iULlW rfi 1 * rvdP 1 ^ laborious task of line painting on f or storage bay 

a -tvo roads,- parking spaces, traffic dangerous m 

- 7 Jm . lanu- mminn- flnnrc oto rptnup.h a oreii 


«* 

.. •• > * ■? * 

•: » AJ - s 


' r- ■’ i i 'laj- ^ 

-j-v *- fj 




- & 








Build across 




in 

Willett 

^IlslUmiiPtU^orn Hoasq, 68! Mitcham Rood,Crdyd6nCRN 3AP 
Irfflphorw: 01-689-2266 Wax Na- 9465H . J 


A PAIN in the back, sore knees. There is a choice of yellow or 

and damage to clothing have wl ^ e P aint - [ 

been th* inevitable results to ^ system, called Easyhne. 
been toe inpuuDie resuiis to nn be , JSf , d either t0 ma rk'out; 

the operator involved in . tne an j n a warehouse or factory 

laborious task of line painting on f 0 r storage bays and to demarcate 

roads; parking spaces, traffic dangerous machinery, or .to [ 

lanes, factory floors, elc. retouch a preivously line marked 

u„... surface. Depending on the quality 1 

f rf *? thr^ni hundreds of yards of line mark- 

n? I°sa can h® made within minutes i 

72 S tather thBjx hours - -• ■ ! 

irS SR<r > ffn« r> ^ ^ 14 suggests obvious time and; 

LS2p 8BS (05o2 86226X). nibney raving benefits to local 1 

.-The 31 oz aerosol containing authorities— for yellow lines for 
Berger line-marking paint is prohibited parking of vehicles, 
clipped to a two-wheel applicator at school playgrounds and sports 
and, when a trigger is pulled, it complexes, and also In toe 
sprays between masking discs grounds of hospitals. In addition 
inside the wheels to produce an to its b right nes and durability,’ 
even line of constant width, says the company. -the end result. 

.... | ^ resistant to pftrol. oils, greases [ 

— . ^ I and most chemicals. I 


Vanis 

opened 

instantly 

WHEN TWO pairs of double- 
hinged doors are opened, con- 
certina-fashion, in the body of a 
side-acccss van about to go into 
service with Kodak, a 60 feet 
aperture immediately creates a 
loading space. 

The body has been built by 
Lawrence David. Crowland, 
Peterborough (0733-210711), and 
is an addition to its range of 
side access bodies which includes 
the Max-Cess van built to give 
four-way access. Experience In 
perfecting the latter range, says 
the company, enabled it to 
simplify, the design of the Kodak 
van and to tackle the problems 
of distortion and metal fatigue 
at high stress, points.- 

The body features two pairs of 
double-hinged doors down each 
side: tbe pairs attached to the 
front of the body swing round to 
lay Hat to the outside of the bulk- 
head and the pairs attached to 
the rear swing through 180 
degrees to complete the total 
side . access. 

The doors have been designed 
so that each pair has a single 
locking, lever sited centrally 
where they butt together. By 
pulling the lever outwards, the 
outer door folds flat to its 
partner, and then . both twing 
open on a main hinge attached 
to the end of the body leaving 
a completely clear side aperture. 

Note 

Laing Scotland's contract 
reported, on this page last week 
was for the Royal Bank of 
Scotland. 



Dredging a harbour? 

Let Steviit lend yon ahelpinghand. 


Stevin is international. . 

A diversified contractor. An expert - 
at reclaiming land from the sea, 
dredging and port construction. 

Doing what Dutchmen have been so 
good at for centuries - only faster t h a n 
ever before. 

Years of international experience. 
With all specialists and technical 
know-how available. Any time. 

Any place in the world. 

Whenever there are big plans for 
a new harbour, a new* bridge, a new 
airport, a new hospital, pipeline or 
road, there seems to be always 


someone who asks: „Why not bring in 
Stevin?” Giants at home. Growing 
abroad. 


in Dredging and Reclamation 
_ ___ Civil Engineering 
Mp Roads and AspHaft 
Pipelines 

Housing and Construction 


The turnover in 1977 amounts to $ 750 million, 
of which about 60% has been realized abroad. 

Stevin has offices in: The Netherlands. L'.K., 
Belgium. W. Germany, France, Antilles. Brazil, .Algeria, 
Gabon, Nigeria, Saudi Arabia, Bahrain, Qatar. 

I n. .Arab Emirates. Oman. Malaysia, Indonesia and 
Australia. 

Stevin Groep N.V., Kaap Hrjomdreef 66, 

P.0. Box 9006, Utrecht The Netherlands. 

Thlex: stevi nl 40649. tel. 030 • 62 08 80. 



» V 


10 

VbmBARD 


THE EUROPEAN COURT 


Finajjcaal Tunes Monday September 2o .1975 
SOCCER BY TREVOR BAILEY ^ -j "-‘T®; 


Reporting on 
GB (ex-oil) Ltd. 


BY ANTHONY HARRIS 

IT USED TO be farmers. If the 
sun shone, they needed more 
rain. If it reined, the crops got 
wet. IE they gat a good crop In 
spite of everything, prices were 
too low. And if prices were right, 
there were forms and taxes. Well, 
it's an ill’ economic community 
that does no one any good, and 
fanning ; moans seem less 
frequent now; but the potential 
vacuum has been filled, as it 
always is. Our new. national 
moaners are closer to home — the 
City economists. 

Since this column is never 
afraid to generalise from single 
examples, this discussion is based 
entirely on a text by Dr: Paul 
Nield, of Phillips and Drear. It 
vraold in fact be quite easy to 
reduce readers to despair with 
selective quotations from a num- 
. her of other bearish brokers and 
bankers; but unlike most oF 
them. Dr. Nield has something 
analytic to say. What he says 
is on the face of it an obvious 
truth: if yqu leave out oil. the 
performance of the British 
economy is not at all impressive 
— or to put it more strongly, as 
Dr.' Nield does, “ the performance 
of the ex-oil economy continues 
to deteriorate.” 


Interesting 


Even this needs a little inter- 
pretation. Manufacturing pro- 
duction and investment are going 
up, not down, which Js not on 
the face of it a deterioration. 
What Dr. Nield really means is 
the balance of payments. 

If one were simply logic- 
chopping, one might ask if the 
ex-oil deficit is any more sig- 
nificant than the ex-motors deficit 
or the ex-food surplus, but in 
fact there clearly is something 
special about oil which, makes the 
question interesting. Oil produc- 
tion will in due course top out; 
and somewhat later (and recent 
exploration suggests that it will 
be quite a bit later) it will 
decline. 

One thing we are clearly not 
getting at the moment is a large 
balance of payments surplus, 
resulting in a large reduction 1 in 
foreign debt; but this is only one 
possible way of using a windfall, 
and not necessarily the most 
sensible. What we are having at 
the moment is a higher exchange 
rate and a higher level of con- 
sumption than we could other- 
wise enjoy. The result is a better 
home market, but fiercer com- 
petitive pressures — not a bad 
recipe, you might think, for en- 
couraging the efficient In the 
long haul. 

However, as we have seen, this 
approach is an alternative to a 
better balance of payments. A 
policy of surplus would involve 
a lower level of demand at home 
and a lower exchange rate — a 
so-called “ competitive rate " 
instead of competitive discipline. 


Tins would actually make lifer 
easier for inefficient firms, and 
one would expect performance 
in the long-run to suffer; but if, 
like Dr. Nield, you take the 
balance of payments (and 
especially the ex-oil balance) as 
aa index oF performance you 
would draw exactly the opposite 
conclusion. 

The problem is . this. It is 
clearly Interesting to ask what 
2.4 happening in the ex-oil 
economy, since one. day the 
British economy will go era?]; 
but it is very difficult to define an 
answer. There are two traps. One. 
is to think that there is a single, 
industrial entity apart from the' 
North Sea — perhaps iricor-- 
porated. in Jthe imagination of 
people like Dr. Nield, as Great 
Britain lEv-oil) Ltd. The other 
is to forget -that the economy; 
including oil. - is a single finan- 
cial entity. Dr. Nield Seems to 
me to fall into both traps. 

As far as the industrial 
economy is Concerned, it is the 
usual mixture of good and bad 
companies. The good ones some- 
how got us to the top of the 
GATT export league tables in 
1077 (a deteriorating perform- 
ance ?). The bad ones seem 
unable to share In a home mar- 
ker boom. If. the good grow and 
the had close plants, the average 
is likely to improve slowly. An 
interesting question is whetber 
we can get a really worthwhile 
improvement before the oil runs 
out. 

Without pains 

One way not to answer that 
question is to look at the ex-oil 
balance of paymenta at the 
moment, because tbe balance of 
payments is not ex-oil. Oil does 
impact on the exchange rate; 
and if we already had a highly 
efficient industrial sector, as 
Holland had when gas was round, 
I would be worrying about the 
Dutch Disease, and signing up 
with Mr. Bryan Gould’s lobby in 
favour of a competitive exchange 
rate. 

However, our average is so 
deplorably low that the exchange 
rate still poses no insoluble 
problems For any company which 
can get within, say, 20 per cent 
of European performance stan- 
dards. Dr. Nield talks of the 
deflation we would have to suffer 
but for oil. He does not seem 
to notice that if you think of the 
ex-oil economy as an entity, it is 
already deflated— by a high 
exchange rate. Oil is enabling 
us to suffer the disciplines of 
deflation without its pains. The 
ex-oil economy Is therefore flat; 
but if you remember that it is 
not one company, you will 
notice something stirring down, 
there. 

(Coming soon: the improving 
performance of the ex-steel 
economy.) 


Judge made 


in a vacuum 


BY A. H. HERMANN. Legal Correspondent 


. *3 


may 


•THERE is no crime unless the 
la.w says so " is an axiom sup- 
porting the entire structure of 
criminal' law. To deny it would 
be tantamount to giving up the 
rule of law in favour of the 
dictators freedom to punish 
anyone who displeased him for 
acts which, at the time are not 
prohibited — and possibly may 
remain permissible for those 
whom the dictator will decide 
to treat more favourably. Of 
all the countries in the Euro- 
pean Community, Germany bad 
the most recent and most ter- 
rible experience of the results to 
which this can lead. It is there- 
fore hardly surprising that Herr 
G. Reischl. one of the Euro- 
pean Court's Advocates General, 
should be very alert to the dan- 
ger that- the EEC Commission 
might he slipping — albeit in a 
less gruesome way — down this 
path of lawlessness. 


Discounts 


'Herr Reischl was provided 
with an opportunity to express 
his view on this subject when 
presenting, last week, his 
Opinion in Case 85/76 the ap- 
peal by Hoffmann-La Roche 
against the vitamin decision of 
the Commission. Tbe Advocate 
General agreed with the Com- 
mission that Roche had a dom- 
inant position on the European 
vitamin giarket (with the ex- 
ception of vitamin B>) but pro- 
posed that the fine of some 
£250.000 imposed by the Com- 
mission should be lifted because 
the loyalty discounts for which 
the fine was imposed were not 
declared illegal before Roche 
agreed them with its customers. 
He accepted the argument of 
Roche that the decision of the 
Commission created “new law” 
and that previous decisions did 
not enable Roche to foresee that 
the loyalty contracts would be 
viewed as an infringement of 
EEC rules of competition. The 
Commission itself, when an- 
nouncing the decision referred 
only to the Sugar Ring judg- 
ment of the European Court 
handed down on December 16, 
1975; when Roche already bad 
amended or given up the con- 
tracts to which the Commission 
objected. 

The conclusion of the Advo- 
cate General is also supported 
by the rule (of Regulation 


17/62) that fines ran he im- 
posed only . for infringements 
committed “ intentionally or 
negligently." Even if this safe- 
guard is taken into account the. 
position of a large company 
operating in the Common 
Market remains full of uncer- 
tainty:' The Treaties constitut- 
ing the Community contain 
numerous rules and use a great 
many legal concepts which are 
not precisely defined. Tins 
vagueness, as Herr Hans 
Kutcher. now the President of 
the European court, wrote in 
1976. was intended to ensure 
a certain freedom of action for 
the institutions of the Com- 
munity. It may be that this 
is the only technique suitable 
for drafting treaties designed 
to last for a long time and In 
be adaptable to changing cir- 
cumstances. But in such cases 
it is necessary at least to pro- 
vide a temporary environment 
of certainty for business by giv- 
ing decisions, made under the 
Treaty the force of a precedent. 
This the Commission explicitly 
refuses to do and the Court 
tacitly. 

The filling in of general rules 
by more specific ones when 
adopting economic measures or 
deciding particular cases is a 
process which no administration 
or court can avoid. However, 
the Court claims the right to go 
further. Relying on the laconical 
Article 164 of the EEC Treaty, 
which says merely that “The 
Cotirt of Justice shall ensure 
that the law is observed in the 
interpretation and.-impleraenta- 
tion of this Treaty,” the Court 
claims the right to “fill in 
lacunae and to develop the law ” 
by enforcing as law also those 
Texts of the Treaties which are 
only a declaration of aims- 

By adopting the doctrine of 
“implied powers"*, the Court 
tends to vindicate for the Com- 
mission and the Council for 
example exclusive powers to 
conclude on behalf of the Com- 
munities international pacts 
concerning matters subject to 
“common policy.” Are there 
no limits of such implied 
powers ? The Court has 
certainly not defined them and 
there exists the danger that by 
combining the doctrine of 
implied powers with. the Court's 
habit of -giving precedence to 
the widely defined aims of the 


Treaty before its more narrowly 
drafted specific provisions, the 
Commission and the Council 
could consider themselves 
authorised to’ do anything 
necessary for the attainment of 
Treaty aims. - • 

The theory that the Court is' 
called to fill by its decisions 
gaps in the law Is even more! 
questional)! e. The weakness of 
this theory is, of course, that 
such gaps do notexist in the law 

hut merely in the eye of the ; 
beholder. If the EEC Treaty 
docs not provide for the en- 
forcement of international pacts 
by private persons we must 
assume that the Treaty makers 
did not want it. It is a gap only 
from the! point of view of those 
who want the Treaty to be 
different. 

These uncertainties of inter- 
pretation and development of 
Community law -would alone 
suffice to explain the anguished 
letter of a British legal practi- 
tioner which appeared recently 
in the correspondence columns 
of the Financial Times. But the 
impossibility of providing 
clients concluding quite 'com- 
monplace business agreements 
in the Common Market with any 
positive assurance that they are 
not falling foul of EEC law and 
are not liable to fines, of which 
this lawyer bitterly -complained, 
is further -aggravated by uncer- 
tainties of jurisdiction. 


THE MEETING between Arsenal forward- Brian' GreenhoE. and to perfection. below Mg 

and Manchester United, which Mcltroy of the leftjtoot -.and best, yet 

allracied to Highbury ..sdme dribbling' Skill . ;lwn_ ®>;nin rate him the -finest 

45.000 spectators arid! a 'small "intriguing- ‘itiidfigld trio - who half in the land. - • . 

*rmy of police.' produced prob- might become something special. Eventually' Arsenal are. 

ably the fairest .result in the -Certainty Brian looks morc'at ' tn h a w difficulty In retaining y 5 ' 

1 — 1 draw. " - -home at" half-back than as : services unless there is a f unda- j> 

The match, especially tbe. first full ;baekl' ' * ' .'mental change in lax laws. Brad. ^ 

half, contained, much to admire. Perhaps! 1 , the clubs'; blfflpst n^e 56 many highly paid .sports- . 
Both teams were well drilled,, problem is '.Jordan,- whom tJjntea m e n . ' basj realised' that. wqat,. 
very competent, 'and included-" bought Iast January for x350.000 matters -is not _the 'jnoaey ' yotz^ 
more high-quality players than and_ for. whom; on. Saturday's- earn hiit .the money you keep- „ 
arc normally ' to be found, in performance, . they ^would. bb'He' would be^.aWe' to keep tor . 
middle-of-the-table clubs, but one lucky : to_ obtajff'JElSQ.OOQ.,. " ' ; moTO in-: the UJS-. or on. the-^ 

gains the impression that the He might Tbe described as an Continent. 

spark dividing the efficient fTOm -old-fashioned battering. 1 -Tam. -iyhetber the' extra' money- - 
the outstanding is missing, -or centre-forward, big.- tost .and; retained would compensate fc»F? 
dr least was on this occasion: . brave,' of "the.sort Whose job was djlad vantages is less certain, ;: 

United- are- neither as excit- putting the ball into ‘the back of -.narMeMi a rt T in the case of tier 
ins nor as effective as Lhey were the net and not ...infrequently GnsopMstiroted Brady, 
three years ago. when they putting the goalkeeper there r 

hubblcd like champagne -and W ell^ . - . -- - _ TWo -players- who - fee® • 

brought a new dimension in the \ 'hay®. .unproved; - 

First Division by re- Introducing Gostlv etTOt, ; -*mce tosT season ara beauty ■ 

two genuine wingers, who were ■ ' . ‘ / ' . . - ; ? .. T fully balanced . RuT- .Sir 

used in conjunction with twin Jordan does' not ; yet appear to ‘exhilarating Price. Lit Jus noint. ^ 
strikers and a couple of skit rut -fit into the Manchester- pattern, to -float" past defender ana til 
attacking wine-haJves. _ * so that. he .is. ‘hot scoring as dexterity with'. the left .foot 

They attacked on a. broad frequently as h?tt been expefcted. resembles a frail; .copy oF Braa*-.-;; 
front, in the nnmhers and with - That was also, the cdfe at 'Deeds.' '’out _ his distribution, is not yet. .as- 
the frequency that unset The it could be\thpt he- do is not' -polished. • ' 

rhythm 6f opposing teams. - spend enough time in~ .xbal- ’ ■ . ■' V 

.. scoring. areas. ; ; r- ' Teut©iUC\ . ... .. ‘ ' V- 

Worrying , Hffy&SSifiS: ‘ a»b*m« a,*™-****: 

Since those exciting days , 0 head it hoffie.' - . ' Br ? d £, s ulld ^L d re- 
united have spent heavily..- £.r hou ,* h Roc h e brought .off for .much T Of the second half 

reverted .. .to.. ..the . standard. *WeraI fine . Saves- Jfpr 

formation, and- aeqUir£B more s wiule -Jen'nings.'gt-the dthef end. unsuccessfet sear^fr? 

riioiriiw bill --.atnnffVWip "Sil' . -« foe -that -winmns goal? -s. • . yV-1 


their mafelcr%;c: : ’ • - V; ’.iJonAdence 3S_bte Arsenal ppfeor 
Could. ';it be- -that ..they are,.^-; Bll0 >ber.- . -If rtiakeK.-'.oiffi. for agraj and hmhlohd hair. 
spending,' too much ' tiinni- wpnT'.lwsgger why United did not biiv - a .typicaf’*-.. Teutonic: 1 - ’ m.id-ggfd^ 
ingi aboiil Vhat .'the. o^ier i si,de. ^ itorr.^- v i . ; •• 'player tSho pttwjtfe: an 

vriU'dorwhereasin tiie; pastlhey - -season! Arsenal .proposed, td the; modern 'defensive sj-steiu^ 
pi ay ed - - tt off : the cuff-.- rife^ef* ip; deve lop into" a fat .-'Tdore; cut* From: Ids - u osltion. i*!. : rightbanila 
stopped runnmg. and. .. left the ^reti ' team ■ ^tiratr. .tl^p pjae that member of ^a "irnd-fietd trip 

w'oixyiiiEitOiibe .opposition?-. ..- ' - ' ac hie ved- the • dmftley Jrat their; ta always seeking the opportmtit^; 


Harmony 


The sup remac? of EEG law! 
over - earlier national law is 
well established.; - But should 
Parliament enact a statute con- 
tradicting a provision of Com- 
munity law, would * English and. 
Scottish judges be prepared to, 
treat the respective part of the. 
Act as null and void, as' the 
European Court demands? Or: 
would they rather agree With 
the Italian Constitutional Court! 
-which decided -that hannonr 
must he restituted by its own 
decision,, and prefer to wait for 
the Lords to decide such -a 
matter? And on a somewhat 
less ?ugust level, can British 
authorities stop a -merger or a 
restrictive agreement -which the 
Commission has approved by 
granting it an exemption under 
Article 85/3 of the EEC Treaty? 
The Commission now brings tie 
facto mergers under this pro- 
vision by treating them as. joint 
ventures. | 


rne-‘---aivBMjn, . . wm--. . Despite"- moat, .■uni 1 ‘Oue-cwu wjui - oiuuwi wuu auu^u-a, 

Buchto. -■ since McFarterid.> and start Uttoelr Eutppefen campaign, . I were manager of. an opposing* 
Todd^The tall, gangly McQpeen, ' and the numhec of-youngsters. in dub TTicc-ls ; tlie man I would* 
masterly , in Ihe '^air, itfdlj A th^ i«nn, there waa a-'su^)lcipn wony 

dangerous poacher of gbaTSfiEroi^ ofi 1 SatOFfiay thatMtheyr have twt St apTetcmrtljna Sunderland artfj 
deal-ball situations,- ; flie . cxpecfed vadvapcel the respohribilfty the centre* 

coraplemonled by the t^’&conK Although . O'Leary : - itn pressed; backs and^tbe full back shoulor 
n«r-r-:n»nh«n with hie . M-cpfe - "tin,; >• ronrn'uitrtl - owaketf -‘oiiii- be lonkfite. after Ktx.. but' Priced 


en'ic. • - were iiuervciivcH, r . . -o- 

The darting, imaginative .. The 1 .tantalising: Brady with ^ Manchester and -is likely to.keep.4 
[adiri, thfe-cultured yet stcalgUt.-.'jontrol and i teft.fob.twbifh.- sr.e scoring throughout; the winter..^ 




for Arc de Triomphe ride 



ITNTrL Pat Eddery's appeal 1 .think the loss arf’-the ride-on 
against a' seven-day ban. for Camden Town would disappoint 
“careless riding" at Yarmouth Eddery 4 mosL No other^joekey 
is heard tomorrow by three has won on -the : goofl-krakfcngxoh 
stewards of the Jockey. Club, the of Derring-Do.-' It was Eddery 
champion jockey will have little J • • — : 

idea orhis movements as from > :a .v • " ri amtt/ton ' *- ’ - 

next' Friday..-. •-.• *-*-:« '•»»:; Wrr"™ 2 . : S' - '» ' 

As things sland .the Qurimd^s 5 
looks Weak, for tbe- Irishjnan nndi;L J3A&-«Sea Master**: ; 

a > rm ■ n A-W 1 J T 


t Indicates programme in black 
and white 

BBC 1 

6.40-7.55 am Open University 
(Ultra High Frequency onlyi. 
9JS For Schools, Colleges. 10.45 
You and Me. 11.00 For Scbools, 
Colleges. 12.45 pm News. 1.00 
Pebble Mill. 1A5 Air. Benn. Z.0I 
For Schools, Colleges. 3.15 Songs 
of Praise. 3.53 Regional News for 
England (except London). 3.55 
Play School (as BBC-2 11.00 am). 
4.30 Hong Kong Phooey (Cartoon). 
4.40 C. B. Bears. 5.00 John Craven's 
Newsround. 5.10 Blue Peter. 

5A0 News. 

5JS5 Nationwide (London and 
South-East only). 


6.20 Nationwide. 

6.45 Dad's Army. 

7.20 Tycoon. 

8.10 Panorama. 

9.00 News. 

9.25 The Monday Film; "The 
Girl Called Hatter Fox.” 

11.00 Tonight. 

11.40 Weather/ Regional News. 

All Regions as BBC-1 except at 
the following times: 

Wales— 1 .45-3.00 pm Pili Pala. 
2.18-2.38 For Schools. 4A0-5.00 
Pippi Hosanhir. 5.55-6.20 Wales To- 
day. 8.45-720 Heddiw. 11.40 
Weatherman. 1L41 Snooker Welsh 
Cup Tournament. !L5l News and 
Weather Tor Wales. 

SroUand — 10.00-1020 am For 
Schools. 525-620 pm Bepmtlng 


F.T. CROSSWORD PUZZLE No. 3,779 



ACROSS 

1 Introduces net difference in 
Fleet Street (8) 


DOWN 

1 Sanctimonious groups bring 
you to port (Si 


• sr u,a ‘ set hot i "' HanB 2 i?«i«?’ h ^o[s u j% a , moDS 

* . ... . . . 3 Unimpaired in French dress 

9 Let audit change deviation (g t 
. from standard (S) 4 Edwara puls up with cuddly 

10 The architem includes a note toys (5. 5) 

for Violet (6) 6 What the deb bopes to do for 

11 Shy egret changes the colours . teforo task 

assigned (Si 

12 There Is ltttle room to be g Tax obligations for dogs (Si. 


9 Let audit change deviation 
.from standard (S) 

30 The architect includes a note 
for Violet (6) 


defeated m court (6) 13 Cause disturbance of the 

14 Where to go if yon know of peace thanks tn South 
one (6, 4) American city in the begin- 

38 Saviours at work in the 15 A j s perhaps cited for 


maternity ward (10) 


being a slave to habit 1 8 ) 


22 Mean finish after starting with 16 Policeman has an .apartment 

little intelligence (61 to measure (Si 

23 Put into effect with your cart 17 Strange leavings for an evil 

morhfi is 4 1 influence (of 

mayoe o. 01 19 Church includes sapper and 

24 Although getting degrees be honoured companion in 

was a sceptic (6i nursery 161 

25 A sure thing on a tree (Si 20 Ancient law-giver on a horse 

26 A study it may hold back (6) says good-hye (2. 4» 

27 •' Basks at the fire his hairy 21 Thanks each way ror a cotn- 

_■ “ 1 Milton 1 (S> panion to join rfii 

The solution of last Safnrday's prire puzzle h ill he published 
*ith names of winners next Saturday. 


Scotland. 1L40 News and Weather 
for Scotland. 

Northern Ireland— 153-325 pm 
Northern Ireland News. 555-620 
SCene Around Six. 11 50 News and 
Weather for Northern Ireland. 

England— 555-620 pm Look East 
(Norwich): Look North (Leeds, 
Manchester. Newcastle): Midlands 
Today (Birmingham): Points West 
(Bristol); . South Today (Southamp- 
ton): Spotlight South West (Ply- 
mouth). 

BBC 2 

6.40-755 am Open University- 
3 LOO Play School. 

2.15 pm Let’s Go. 

4.55 Op<m "University. 

7.00 News on 2 Headlines with 
sub-titles. 

7.05 World Chess Champion- 
ship. 

720 News on 2. 

750 Expert Opinion. 

8.10 Des O’Connor Tonight. 

9.00 Premiere 2. 

950 Discoveries. 

| 1020 Word For \Vord. 

10.50 The Price of Freedom. 
11.05 Late News on 2. 
j .11-20 Open Door. 

; 1150 Closedown (Reading). 


LONDON 

. 950 am Schools Programmes. 
12.00 Paperplay- 13.10 pm Hickory 
House 1250 At The Embankment. 
150 News plus FT index. 120 
Thames News. 150 About Britain. 
250 After Noon. 225 Monday 
Matinee: "Before Winter Comes" 
starring David Niven. 420 Clapper- 
Board. 4.45 Enid Blyton’s Famous 
Five. 5.15 Gambit. 

5.45 News. 

650 Thames at 6. 

625 Crossroads. 

7.00 Cooper— Just Like That.' 
750 Coronation Street. 

8.00 Robin's Nest. 

820 This England. 

950 The Sandbagger*. 

1050 News. 

1020 “The Best House m Lon- 


RADIO 1 247 m 

(5) Stereovhwilc broadcast 
I Medium Wave 

5.00 am As Radio J. J.M Due L»- 
Travis. A.M Simon Bar«. 11 .si pam 
Euracii mriudinK U0 pm Pui .-r F-o-tol. 
4 11 Klti Jrmen. 7 JO Man L’-.H -.in.n 
Radio 3« IS 02 John Peel i£-. 12 80- 
2JB am As Radio J 

RADIO 2 1500 m and vhf 

5 SO am Xtes Sumaiar>. Sj» Tony 
Brand dti iSi inUudina LIS Pan*: tor 
Tbouxbi. 1J2 Terry Wotran iS- iDdudina 
8J7 Racmc Balloun .iwt J.«S Pause I nr 
Tbouatu. ULS 2 Jimmy Vuuu 'S«. 1215 pm 
W>UDiirr<' Walls. 12J3 Pci-.- Murray's 
Open Unuse >S> tucludlcs 1.4S Sports 
Desk. ZJ 0 David Hamilton 'S' mcludins 
245 and 1^5 Sports Df- sk_ 4Jfl Wajaoei^rs' 
Walk. Smm Desk, mi Juba Uucn 
■ Si including 5.45 Sports □«*>'.. tas Sporis 
Dusk. 712 BBC Nortbern Radio Cirdhon 
iS<. 7 JO Alan Dvlt: T.jn Thu- Dan-.x Band 
Days. Sfc The Bis Band Sound iS.. 

9.02 Humphn y Ljmclion v.iUj Ttii- of 

Jarz on ivcordu >S- 4J5 Swires D«t:. 

10.02 P»ip Score ID -JO Star Sound. 11.02 
Brian .Matthew introduce* Hound MidnUhr 
inrliidlns 12J0 Nous 2.00-2.02 am N-::,s 
Summary 

RADIO 3 464 m. Stereo* VHF 

tb. 55 am '.V-aih.-r 7 JO N«-., s 7M 

urerturt >S-. 8 00 Kuwn IBS Honwns 
Cwii-'rt -S'. 0J0 News. 9.05 Tltir- UW, 
Composu-r Schubert ‘S'. ID. OS Rirk 
Ireland snd enn^-err -S-. 10.00 

The Music uf L^'in Atncrh -i. 11.20 Ros' r 
ifpul'i.rd pM.m 17.15 am 

it net PjIf r ard »h? F.ngh.vii ■..hamh-r 
Orchejiri emsert port 1 'S’, i.80 News. 


don" starring Da rid Hem- 
mings. •• 

1220 am Close: The landscape of 
Finland with music by Jean 
Sibelius.' 

All IBA Regions as London 
except at the following times: 

ANGLIA 

12-30 pm First St-ps In First Aid. US 
Anglia N e-.es. 2.00 House party. US 
Mystery Movie : . Colombo. 5J5 L'niver- 
sa:y Challfinse. fcJM About Aiurlla. 10J8 
Tile Bnan Connell Im-arU-v*: Sue Ryder. 
ru» Feature Film : "Creature Fran The 
Black Lagoon.” 12J B am ReBccdon. 

ATV 

12J0 m Healthy EaUus. L28 ATV 
Xeasdesk. LB The Matinee Idols: “Merer 
Say Goodbye.’ 1 ' siarrbu Rock Hodstm- 
545 In Search of . . . Botch Cassidy. 
MO ATV Today. ULM Wi. Right and 
Cantre. 11.1 5 The New Avengers. 

BORDER 

1240 pm Gardening Today. -Ut Border 
News. 240 House party. 2.25 Matinee : 
••A Wane m iho Satins Rain.” ssamn* 
Anthony Qninn and Ingrid Bergman. 5.15 
rnJycrsity Challenge. 6.00 Lookaroond 
Monday. 640 Cartoon Tim?. U4S Pro- 
Celebrity Snooker. 1145 Danger In -Para- 
dise. 1240 am Border Neva Summary. 

CHANNEL 

1.1E pm Channel Luncbume News and 
what's On MTiere. ZJS The Mystery 
Movie : "McCoy — New Dollar Bay.” 
5,15 tulversiv ChalLose. 6.00 Chacnei 
News. 640 Tb-i Bcacbcombers. 162B Chan- 
nel Late News. 1042 Th« Horror' Film 
••The Curse of Frankenstein. 1145 -News 
s-.a Weather tn French, followed hs 
Channel Gazette. 

GRAMPIAN 

625 am Finn Tb;nc. 12.39 pm Old 
Home. New Rome. 1J0 Grampian News 
Headlines. 22S Monday Maum-e : “Cimn:- 
down." starrlns James Caan. 5.15 Univer- 
sity ChaUenac. U# Grampian Today. 605 
Laverno and Shirley. 10 JO Reflections. 
1635 Tbe Monday Film : "CasUe Keep.” 
Karri on Burl Lancaster. 12J5 am Gram- 
pian La:e Nish; ileadi'tes 

GRANADA 

1240 Pin FarmhODM KiMheo. IJS Dado. 
+2JS Monday Matinee- "Drop Dead Dar- 
l:aa." starrlns Tony Curtis. 5-10 What's 
New. 545 Crossroads. 600 Granada Re- 
pairs 640 Fa.thcr Dear Father. 16J0 
Mystery Movie Premiere : UeCIood. 

HTV 

12. JO pm Farmhouse F.i-.Jien 1J9 
Hepon West Headlines. 1.25 Report Wain 
Headlines. ?-00 Hou-s?par-y J.MS 77l>i 
Mordar r.Ja’Jrv" Tit- Pumie Plain," 
rarr.na Gregory P-.-.-. 545 The Under- 


sea Adveniores of Captain Nemo. 5JS 
Crossroads. 60S Report West. 6 22 Report 
wain, u.5 Ute Monday Film: "Car: 
tn»al of ThJeves." starting Stephen BOyd. 

MTV Cymru/Wales— As UTV General 
service except : 120-125 pm Pcnavdaa 
Newrddlon y Dydd. 200225 Hamdden. 
603-622 Y Dydd. S43-BJn Yr Wythnos. 

MTV West— .As HTV General Service, 
except • 120-140 pm Report West Head- 
lines. 622-7.00 Report West. 

SCOTTISH 

12JQ pm Farmhouse Kitchen. 125 ffrws 
and Ruad Report.- 2.2S Monday Film 
Matin. .- ; "Boy Did I Get the Wrony 
NWnb-T." starring Bob Hope. ERt 
Fomnk-r and Phyllis Dlikr. 545 Bauini;.' 
520 Crossroads. 600 Scotland Today. 625 
Cnranii.'Efc. 640 Father Dear Fatbrr, 10-3Q 
Ute CjIL 1045 The Detectives— McCloud. 

SOUTHERN r 

J240 pm Farm Progress. 120 Southera 
Sen. 220 Hooseparty. 225 Mondu' 
Matinee : “Lydia." warritur Merle 

O heron and Joseph Cntten. 545 Tbe Uoder- 
sea Adveotures of Captain Nemo. 520 
Crossni.ida. 6.00 Day by Day. 10.30 ,\float. 
U-00 Southern News Extra. 1140 Dally 
Mirror ilolden Jubilee Speedway. 1145 
FWice Surgeon. 

TYNE TEES 

025 am The Good Word followed by 
North East News Headlines. 1240 pm In 
Search uf . . . 120 North East News and 
Look around. 225 Family. 620 Gent ration 
S.-eno, 325 Cartoon. 540 Lassie. 545 
t nrseraty Charflcnse. 600 Northern Life. 

6 JO Police. Call. 1020 The Monday Film: 

Tony Rone." 1248 am Epilogue. 


looks Weak, for tbe- irisbjnau jand^ i/3M5-?Sek Master 5 * : ' 

bis Seven Barrows rtable.iMouBtg*,. /r^is-srfntlfeMus " 
which could be forfeited include • -uyg rti (nr rttp* ** ' ■ 
several tor Peter Walwyn such a.iA— ^aiarene-. 

as Camden Town -in Ascot’s BATH 

Queen. Elizabeth -U Stakes on 2.00-Patronellie 

Saturday and likely looking pros- om, e „ — 

pects In both, the Arc. .de 7“ 7* . 

TriorapHe and Middle Park JUO-Leopard’s Rock . 

Stakes. . 4.00r-Ravelston* - . . i 

Paddy Prendergast reserved . ' J — — — 

Eddery for Exdirectory at Long- - aft : Gamden Town had 

?o^ s ™ato m a.2 s G^4ci< w by siw?sa»-&s^a , ss5 

ridden -by Eddery on (he Knaves- tactics would suit bun. - . 

mire, would acialn have the He waited with deadly- 
champion aboard at - New- efficiency in Kbyal Ascot’s Jersey 
market. Stakes bringing Camden Town' 


with a " perfectly timed late' 
flourish to deprive Francois 
Boutin’s Cosmopolitan of a prize 
. that seemed , his. only 100 yards 
. from home! 

Walwyn - has Greville Starkey 
1 r-^rosuccessfutl: on. Camden Town- - 
in- fhe' -Hungerfocdr-hned up asr- 
^eptity-for-tfie Queeti Ellzabetiv- 
JS takes.-: Doubtless there is no . 
one, with the possible exception ; 
,of • Lester Piggott (already .en- 
gaged -for Strada vinsky). he- ; 
would rather'have on standby. . • . 

If. as a number oF on-the-spot . 
racegoers expect, the stewards 
decide to reduce Eddery's sus- 
pension t<T three .dr tour days, • 
they will be faced With the diffi- ( 
cult- choice of wlticli^ days fo - 
delete. ; : 

•Should 'they feeLable to- quash: 
the - first three days of the seven* „ 
-day ■ suspension ' we will, see-- 
Eddery on .Camden Town . and;; 
Exdirectory but.not in action o.n,.: 
the first Wo days of Newmarket-* 


TENNIS BY JOHN BAftRETT' 


No, thank you, we don’t 
a standardised surface, 


ULSTER 

12 JQ pm KarmhoaBe Kitchen. 1JB 
Luru.-biiDi>.- 246 5.?e You Monday. f2J0 
Monday Mailnre : "A TjU* of Two Olies." 
warring Dirk Bosard-.-. 1.11 Chtor Nmvs 
H.-adlin.'S. 545 Carman. 520 Crossroads. 
600 Reports. 655 La vc me and Sfalrlcy. 
U40 Mandjc Sight. 10.4 D Photographr 
m F-h-uv 1140 In Seareb at . . . 1145 
Ekdiioie. 

WESTWARD 

1227 pm Gus Honerbun's Birthdays.! 
1240 Farmbauw Kitchen. 129 lVesrvanl, 
News Headltac-s. 225 The Mnmrr Movie i 
McCoy. 545 L'uiversiry CbalVnstf. 
VcWMd Diary and Sports Dotk 1 IL 2 B 1 
M'rttnjrf Late News. IS 20 Enrtiuilvf— 
Rap Mawbr 1140 The Horror Film : “The 
Curse of Frankenstein." starring Peter 
Ciuhuhi and Cbrlstopber Lee. 1225 un 
Faith lor Life. 

YORKSHIRE 

1240 pm Farming Outlook 120 Calen- 
dar News. 225 Family. 320 Heart to 
Heart. 320 Andy. 545 University Chal- 
lenge. 600 Calendar ' Ernie? Moor and 
tv-lmoni cdliiorsi. 1040 Pro-Cekebrliy 
Sn>nk..-r. 1145 Barnaby 'Jones. 


105 Concert, par 1 2 2.05 -l-r^an Slnsic 

a: Glooc-ater Lath,dral t» Maunr- 
Musniale *S>. 345 liu.-rnational 

l*-.ar.a Corapriiiinn 10 . > .... ajs X--v 
R--eords of mime t.v Eluar. Arootd fS- 
S.1S Cjrdi: jiiiI 5.15 ItouKward 

isound. 14 05 V-, .s.10 Homeward 

fwiucil leontihucd'. Ib.JO I.-i- lirr.-s: Home 
ard FamlRr 7.30 ' Nauonal 

-j.-ehestra. pari i- TrtiaiVni ,;-r. "iniJner- 
nuni: -Si. 610 Cubism auj Reality: 
Kant V Ntctrsche nalk by John -Nash'. 
040 5NO. part C: Dvorak s- 0.20 PUim- 
siina and tlie Rls- -if Euror<-iR Musk* ts>. 
JO-MS The LISfcl -.-as on It. r Head 'S' 
1145 Jar* in HriTain. Locsr Weilm* 
QCtiirt -Si. 11.95 No-, 1X20-1145 
Tonulirs 5ehuberT Sons 
Radio 3 VHF Only— 440-7.00 am and 
6A5-740 pm Op.-.i U River 'iiy. 

RADIO 4 

434m, 330m, L'ljm and VHF 
640 am News BrieHna 610 farmina 
Wrik. 6-30 Tcili; in-.luoinj fc.dS Prayer 
Tor Ihe Day. 740 ane B40 T.nlar s News. 
7 JO and I. JO N-v« H v a Ini.. 7 45 TbPUfchl 
for the Day 1.45 Aniii.ua. r'-.-nny. Pul-- 
by Robert Graven o.oo ., N 44 s Start 
thr IVcei! nilh Hi.- hard F— i-r 10.00 N-.-'aS 
1045 Wlbltli'. 10 M .;. r. iee. 1045 

M.-.ruing h ur-. U.oo ■ li.BS To- 

Road to FuIIum v.,. i^xscst o'- 
lr-.iur.al 111 Eurup-.. 11.50 Anmuiicement^. 
1243 1243 nm y..,, . IJM j Your- 

1127 Tun Of ill- r..rm 12.55 Wcathrr: 
3ix.ar.unrn'- r.> h s. 1.00 Tti - a t une. 

l.M Tbe AtNb'.r- 1.95 v ; « n , , a S HW 
jTlulme 200 -id? '•'>». ’45 1 ,-tna wfb 
Mhibrr >40 ‘ - - * jns \tirntnnu 

Th^atr* 'St- 6 J5 c’Nnr Tires. 5M PM 


Resort-. 540 SercnJIplrr. 5 55 Weatbi-r: 
unwranune news 6 00 Neivsi. 620 Dr. 
Klniay's CaSebuok. 740 3.vw«. 745 The 
.\rtJu?r*. 720 Hrutrt «jur uuii CorresiMn- 
di-ni. 7.95 The Mandat Play 0-00 Welsh 
V tires. 040 KaletdCKwopi . 040 Weatb,-r. 
10 00 The World Tnniehl. 1630 Origins 
1140 A Book at Dwtilm--. 11.15 Tlie Finan- 
cial World Tonisbl. UJO News. 

BBC Radio London 

206m and 94.9 VHF 
5.00 am As- Radio ? 630 Hash Hour. 

0 09 Lnndan Live. 1243 pm Call tn. 243 
Ahi Sfioe.ca^-. 9 03 Home Run. 624 
Look. Slop. Listen TJO Black Londoners. 

8 JO Break (far ouch. 1603 Late Nlsht 
London 1240 -CIom .Vs Radio 2. 

London Broadcasting; 

26 Ira and 972 VHF 

540 am Mamina Masic. 140 A.M.; 
non-stop D'-ws. loronnarioD, travel, sport 
10 09 Brian Hay"* Show- 100 pm LBC 
HfliMi-.. 340 Grorac Gale's ' O'clock 
«7all. ADO LBC Reports 'i-ontlout-si. 640 
.ui'-r Eight. 9.06 Xighiiiiic l.M am Night 
Basra. 

Capital Radio 

194m and 95.8 VHF 
640 am Trier Yunna's Breakfast Show! 
•S- too Michael AM*-I -S.. 12 00 DaV» 
ij'h -S- 600 pm Ros.T S' n't «S> 740 

Lon.ieii Today *' 4 - 7J0 Adrian Love* 

tl'P-.'ii Lin.; ■ 5 1 4 00 NicJiv Horn.- - Yniir 
Mojh*r 1 voaMn'r IJk» 7r *5- 11.00 Tnnv. 

an * 1, air- Shn-v iS* 2-00 am Duu-;ao| 
Jobn»n« Nisbt Flight <Sl. 


ONE OF the more interesting 
topics to emerge from, discussion 
of U.S. Tennis Association's 
magnificent but ill-sited $10m 
stadium at Flushing Meadow was 
(hat oF a universal court surface. 
Following the second - change in 
four years the arguments raged 
fiercely about the fairness and 
suitability 'of another fast play- 
ing surface. 

The 27 outdoor courts at the 
Meadow (surely wc can all dis- 
nence with Flushing) -are all 
finished in a green, rubber-filled 
acrylic surface called Decoturf 
Q. It plays .faster than day but. 
slower than grass, with .a- fast, 
high bounce that - favours the 
hitters. 

Predictably (lie serve-volley 
men such as Tanner and .Gem-- 
laitis liked it while the ralliers, 
such as Vilas and Orantes. who 
had revelled In three glorious 
years of clay at Forest Hills 
where the uneven grass had been 
removed following ' 'the 1974 
championships.', could' not .find a 
■good word, to say for Deco turf. 

Somewhat' confusingly to 
Europeans, the Americans refer 
to these solid, non-attention 
surfaces which Include the 
cement courts in California, as 
hard courts. The various types 
of loose-top courts, which need 
dragging, watering aiuf - ’ rolling 
are known genetically as clay. 

Historically, of 'course, the 
game belongs to grass- a surface 
which survives at . championship 
level only in Britain, Australia 
and. to many people's surprise, 
in India. The turf at Calcutta's 
South Club remains excellent — a 
fact due more to the plentiful 
supply of cbeap labour than to 
reasons uf climate. 

Here is -the clue to the gradual 
disappearance of . grass - as a 
widely used surface for- tennis. 
The cost of maintaining them 
and (he difficulty of securing 
experienced ground staff mean 
that only wealthy clubs or 
individuals can afford such 
luxuries. 

As early as 1909 a Derbyshire 
bricklayer named Browji. want- 
tnc f« (he pfajMng season- 

tor tennis beyond the summer* 


months, "built 'a .court' of crushed, ^for him with racket held high: . 
burnt clay to launch .a trend 450 that" the frightened, official *" 
that Quickly swept - throughout took off 'round the arena, chased - 
Europe and, ‘eventually, .to' the' _by Gardini— the pair of .them, 
rest of the worfd. Unquestionably pursued by -a group oF photo-: 
clay is ’today" the: ffidst widely graphers" seeking the" - photograph : 
used surface. - of the - year— much- to the 

But these porous courts, too,' embarrassment of tbe Italian 
need-'constant daily main tenaiice, Ambassador, who rose. -with as.-* 
so that even before the war a much dignity, as. he could muster - 
new type^of non-attention surface and left. Gardini. was later' 
appeared in-. . various .'-forms., .suspended, but he was not fhh .- 
Although the. bitumen-based last, to be frustrated by chalk: - 
courts w*efe not considered the lines; ‘ • - 

equal of clay by the better With -the fapld expansion of-:- 
players, there' were no feelings the. game during; the, past ten - .: 
or- tirfertority abohf the speedy: years and the spread or profes-('. 
cement :■ '..courts .of California- «)qnal tennis to indoor arenas -^a 
whichr produced so - many .world variety of carpet surfaces - has - 
'champions, -such as . -Doha Id .emerged, .each .--.with- different; :■ 
Budge^the.first man. to -win; the- properties - bf -Jootbold an®- 

Grand Stamin 193S. by.-eapturing ;hotmcev - . 
consecutively the titles in As the game becomes more 
Australia (grass). France (clay), professional In ull of its aspects— 
Wimbledon (grass) -and the —prise. money distrlbutfon. com-'" 
United States (grass).. pater rankings, add so on, it 

There - has never : heen a role has become fashionable to suz- 
of . temils ' defining gest that utter professionalism 

on whloh /it shouldybe- pTayqtfc demands a single type of plariraj ' 
so that from tind. heginnlng .each surface- . : The argument- rufis 
area of the world produced its that only By'judgtog everybody 
own -local surface ^stog. in- each week on the same surface 
dizenousmatenaia eacn or waien Mihail we know who really is the 
produced a . different .type of best ‘player. ■ ._ 

bounce.'" The'bnt-bbap courts' Of'. Tof hie ‘such a step would bfe 
South Africa? stiff widely _used, : disastrous no' .the" ^ enjoyment of 
are’ medlunt-pared- and -faster both, spectators- and players. I- - 
than the cow dung arenas -of caii -'-'think - .uf -nothing more - 
India' -^not to? be reeommenddd baring: 6B%u watching the same 
arter a/shoieer-Ot ram)- . • : few. players emerging week !h'~ 
In Wanila tbe : . enished shell wee* our 1 fo the litter rounds' T ' 
courts prodilce one or. tbe slowest of tournaments. . . ' ,\; 

playing surfaces' I "have ever : To me a great fascination 'or*z 
experienced. There the lines -a ret Minis .lies in . watching thfei: 
marked- dut in "powdered "chalk, players, adapting their styles to” 
dropped frqm - a -.hand, -pushed' tbe 'demands: of each new sux-r J - 
marker. «r thar after b : few f ate: Although it is true that d 
games-the fines have been, partly fast courts such as grass aridv. 
obllterated'by sliding feeL ‘ cement- favour the ' server and - 
Once the. Italian Davis Cup xoIleyeY. and that slow day suits * 
-player Fausto ..Gardini was play-.ihe baseliner. the great slayers-'-' 
ins- the ' tiny- - local ; herov haver all " been able to adapt to^ 
Fertclssimo' Amnou when a; cai)?any ironditions. 
went "against 1 him' as-* a bad*. Fortunately for the future Tit ’ - 
lanrtetTtin the . area of a non-, the. game it seems pxtremetv nn- 
exisrent-linc.. Gardini; stormed to-dlkdy . that the advocates "of -a - 
the far ehff. signalled to the liiimsi'auiivei'sBl surface Will- bavn. their 1 
man.-anrt;beat- the croUnd^ with- way. for. if one-ibing-Js certatu ' 
his racket to (ndreaTC; wh'ert ' he- it is that amonq them all Thev-- 
rhouchr. the hall. bad landed, "..v could never conic- to a decision' 
Whentihe-Itocsniah Teflwff 'Ur about exactly what 'that- swifac*'-' 
alter Ms decision' . Gardinf-wwit shnaid-be. .. * ■- •- - 


riwMiwifOiiiv; 






&& : 


Financial Times Monday September 25 1978 

atre Upstairs 




Warehouse 


[Co vent Garden 


migrants > b . a : v oun g Shout Across The River Siegfrie 

» Royal Court has returned When famine and disease 

obsession with Ireland, but become intolerable, he. and bis Of all the younger dramatists dress and step into black. For ment on his sifter's facial trans- The Friedneb-Svoboda Step- 

• his time with the current sister Maurya (Nora' 'Connolly) documenting Britain in a stale of much of the play, the two women. formation. The young hare lost a fried has moments of high 

- •. les. or even the troubles of and others come to England to nervous and physical decline, and Mike, ihe elder child are in sense of innocence and wonder, theatrical and visual excite- 

«r this century. Instead, work on the railway, where the Stephen Poliakoff Is the most symbolic mourning for ihetr are diseftiweningiy old. ment. The hero's fight with the 

. mnts takes us back to the Irish are a welcome source of sensual. His characters wander lives. Mugging and casual sex are . crab-piswed dragon, with Kafner 

•. le of 1845, and to the fate of cut-price labour to replace, the through the accumulating morass We are almost at the point the only means left of registering, in his death throes emerging out 

; bo u sands of Irishmen, and children whose employment is ears cocked, nostrils flared where things finally crack apart, physical inter-dependence. Chris- of the carapace in (more or less; 

. .*n who only escaped dying becoming a scandal. Maurya dies a P d eyes trained over the dis- which does not deter Christine line, according to a school report, human shape is one. Wotan’s 

. inger by Working at star- of typhus, O'Brien, Renan's P |n ting evidence of fall-out in a from threatening the flat and the 15 forever discovered splashed in ' summoning. Df Erda. with the 
1 rates in England. former fellow fighter (Shane co^umer society. inmates with a lube of full- semen. As a parting gesture, she mntinlain-side rearing up 10 

is a sad tale, and the Irish Connaughton) loses an 'arm, Mrs. Forsythe, going quietly strength glue. Mike is a" apoca- offers herself m a classmate for reveal the Earth -Mother rm- 

■ every right to their lasting without- compensation naturallv, m ad in a Croydon flat, is hoard- l>ptic jester, brimming with £S: in the discotheque. Martin ■ bedded in World-Ash rooT- 
d of the English if that is Michael Pat (Peter MacMeili). > n ? Green SJijcld stamps by the nightmarish predictions of flood jAndrew Paul; has gathered the entrails, is another. A third is 

they want. But Peter who was willing to lake .-over a hundred; her daughter's. teacher, and disaster swamping ihe money, but he i-- seni packing by • Siegfried's approach to the sleep- 

' dan’s play does. not throw farm from an evicted family J-awaon (Nigel Terry j. has re capital. By 1995. ne suggests, ihe ludicrous advance-: or Mrs. mg valkyrie on her rock, where 

■ ■ new light on the subject, becomes a foreman, and he him- treated' from the impossible London will h«? . a Toul con- Forsythe. • w hom uhnstme has music and stage picture combine 

it does is to remind us In self organises a union and flcmai >ds of the unruly classroom Riomeration of garbage and passed- ofT on a bleak icc-cream m an impression of immense 

- locumentary fashion that campaigns for universal suffrage. If » snuggle down among the businesses, too expensive to terrace as her sister. ■ height, loneliness and crystal 

.things once happened, that In the end. both fighters die nattonery and steely ornaments penetrate. He has specific Bill Alexander, directing for air. At least they did the first 
1 Irish peasantry were after bombing the first train to ° n a scratch-proof desk;, the last reason Jor thinking so. he Sjislft the RSC- completes his third time we saw th ; s Siegfried. In 

■ Dusiy wronged by their pass through the tunnel they S,i°« lc i7I , n A S H^f 1 ,i bral< i d m “ outslaDdm S Production of the Friday's revival the lighting 

• sh landlords on one side of have helped to build— one in the f' J'* * discotheque swimming road safeij tC! * 1 lb * year by. not only sustaining a; (Govern Garden is fatally drawn 

• Irish Sea and bv their explosion, one at the end of a c 0 l ? pu i er rock .'Y hllc 5125?*-? public morale and performance level of exceptional ; to dimness > no longer caught 

sh employers on the other, rope. In^SSSL * Within*' the farailv unit all duality even by the company’s; the frosty silveriness of the 

.made clear that there are The play's appeal is purely SJncSf 8 P ^ SOD ° f lines* of laSle^^om indication current standard?, but also by . cyel ora m a which formerly almost 

lels in our own day. though political; the characters are only suSTu the baeknrmind fnr a are virrualfy cu i lTike ‘ ou Ms creal,n * th * r ' sh ‘ Ji ° rl peril >' ^emsed the fact that black 

never suggested that there heraldic figures on a -partisan ri v^Hnalv oerformod tale of awav frora his motKr? ™ny entailed *™und the pimply down t convey the sun- 

oe. or ever have been, some- banner, and the acting is simple parallel domeshc clfstate gratiom desperate signals of affection. JfndMev? evobed b> musii; 


RONALD CRICHTON 


try on events, finds his hero a little extra depth come from bid to work an aggressive salva- distance is to pin each other to in difference i and self-contained r minutes that feel like hours at 

oung Ronan Furey. who Desmond Stokes as the contractor Udh job on her withdrawn the floor. In the small dead * w *SS* r - white G'.v>neih Strong , a screen of green plastic strips, 

s his family’s Galway on the railway and Russel Waters mol her Father has Ion-' since hours or the morning Mrs and Davld Tnroirall as the | not leaf-green hut sedge-gren. 

■ ;e to become a fighter as the English landlord.- who in left hut a. lock of his hair is Forsythe will stand over a cata- youngsters play with such 1 proclaiming river-side not 

• .st the English and against Acj 2 becomes chairman of the preserved on the sideboard "Vou tonic Christine and « uddeniy rnghtenmg power and confi-, m oun tain -side. The fronds 

l-rLsh who take advantage or railway— always kindly disposed, probablv srill smell of him ” notice the crook or her nose dc nee that realism beats off any ; obscure entrances and exits f the 

sh injustice to better them- but quite unaware of the suffer- asserts Christine, hef ore ordering Mike, lying in a hospital bed tremor °f shepr fantasy. first appearance or the Wanderer 

. 1 . ing he causes. . Mum to shed her “horrid" red after being mugged, will com- MICHAEL COVENEY 3 °°5 ; 0r though they are 

.. .. useful (to the producer, not to 

* [public! for doing unseen things 

Orange Tree. Richmond - L hal • 5? ou i d be , s B pe "’ , ,ik , e 

T Siegrieds disposal of Fafners 

body. One feels the Wood bird 
I should be a wild duck — perhaps 
I : that * 5 wb - v 'hey so heavily 

I I r*" I ! boosted Yvonne Kenny's pretty 

U I voice — or could there be some- 

one naive enough to believe that 

Putting a uger in your tank ihe entire, oter-long evening. Spiffed ^ will 


*Ui:; 


oiu iree 

nhe ri 



thereby 



| play by presenting uh with a variations on moral and pol.Ucar^J^ he"" no! for the first 

j fSrfii' 1 *™* , e fu» ge 0wn r who cliches. . time in this' Ring Friedrich has 

offers sex at the pumps Tor any- The best writing by far comes trlpned up over Wagner's time* 
| one with a large enough tank to in the scene between an eight- scale. 

1 deserve it. _ gallon client 1 Peter Gordon) and ' — ’ . . . ... 


LtMimrd Burl 


Jean Cox 


down. There were some oddly started the evening at an almost 


nwnor besel by economic prob- /Rarrie Shore 1 The rest is all ine intP“e c iua! is oaianceu Dy ... u .u.v,.. c , nmuidiwn «n wuw u. 

lems- in Sam Walters' emphatic SLl U5i hackieved th e brilliant man of the theatre up this is a clever performance— Mimes mind need not entail 

buT curiously unfunny perfom- ts eveJ a w n e , *'ho can perform wonders with Friedrich s good side again. But dwarfish playing. The tempera-,: 

ance he emerges as' a » r«s Ibe lunbs of opera-singers. Even there is little tonal variety now tore remained low until, at the. 

between the " Peter Sellers whfn M!» : Shore ShfcTimS h '» wm way of abolishing in the voice and less of the departure of the Wanderer, the 

chancier in Tm Afr.rtt.t h,* b , n H ». nen . the oirture-frame sta^e hv draw- pathetic nobility (no matter how orchestra blazed magnificently.. 

sarjffir * cr B ss ssr z isESmTonT.'i'iMiSM ton**™ ****** ^ 

trenched. Motorists who take if “hS KvVfuwd P 1 an awful lnt of action onl >' half ‘ rhar 2 ,; ‘ cr ' ‘“’P^nousiy de- most perfunctory Bickers in the. 

eight gallons on th e forecourt . - , . visible front ihestalLs.no doubt manded by the music and pro- *tage lighting). The climax was 

are led upstairs to Standees The garage mechanics try and compensating for other things vided by such bant ones as Adam out of proportion to what had.- 
mother's room bv Sally, an ea-»er lake ° v .^ 11,6 ** * hidden from the amphitheatre) and Bailey. ^ Gwyneth Jones gave gone before, but it released. 

sensualist for whom this is th* wortieps cooperative for dtfferent , off in ^ c i 0 wnisb en- Brflnnhilde s greeting to the sun energy s o far only latent. . . . . , 


Julian Glover and Gajre Brown _ 


' Leonard Burl 


wych 


job she has 
. abouL 

The action 
with Sharman 
ping off to jut 
: not suitable fo 
! nestling coyl; 
posters as if t 
the West End. 
i the sum of dr; 


ousin Vladimir A'b. a. young 


•s c 1 v • f n!a« apmwnlate markeit. of the bwont hero) souniy. warnings with a sureness that s Ua 5 ive, and none the. worse for. i' 

don't think we need accept it. SchWRrzkOpf is this | Mtln tyre's often- UneVeDIieSS ° hom openeoul 0 Wa^feriir sound , 

J arir 7mSS^.SSS!l%S\ f. SSilfeiStaS BtataS. MlCHAEL C0VENEY ‘ iog waB up aad , 111 _ the orcbe8 ^ a pU C ° 1in Davis a U1 ° re toUnet PalettC '- 

_.^s dare say, good private detectives Schwarzkopf ebutinues to appear] 


ENTERTAINMENT GUIDE 


bough Solzhenitsin's name do not know what to do-entfi" don't think we need accept it. UWiwaiULUpi Is this what happens to fringe tiaeaniy suo^. 

wn Jn David Mercer's mw is his judgment, whirt is Sj>- There are good architects, good) Although she has bade her “mioJaEl' COVENET ing^ WoUn^inSer was up and 

-with varying degrees of dis- zhemtsm in a -phrase— though 1 Jfe actresses, good singers., even, *l| farewells elsewhere F.UcahAiih. ^ 111 ^ 011 - MICHAEL coyene y ing \%oia u a oe r was — p 

ct, it is Ihe Solzhenitsin line puts Solzhenitsin in his. placets dare say. good private detectives Schwarzkopf chntinuk to appear “ “ : ^ 7 

Jlr. Mercer follows. Bat be no more than the latest in line among ! us: there are others be- London Saturday's redial 
the dice so heavily that of Russian puritan moralists, sides the Workers Revolutionary , tvv „ ^ ' 

int really.be said to have Halfway through the second act Party who are trying to improve Ha i, ^ month mounte^the 

a point or any kind, except it looks as If there is. to be a the state!; of our life. tomu£r SdSSikSS^ pVrtiSt 

• Russia and Britain both schne k faire between>Rusakov Mr. Mercer allows nothing of oaHerv of wnmen in con? cc— Tnew meatres «tcep» certain tredir; THEATRES 1 

in second-rate citizens. and Proctor, but it rcoraes to the kind. Even his "respectable" (Sdrubcrts and 8 also rardi bv w, ' pho, ' e or *' tn * 1 ouki or voxx-s. cc. di-ms 5122 . • 

iat kind of people doe? willing. • characters are shown only as Schumanns “Lied der - OPERA & BALLET ; "aoSSStf" 

n Vladimir — Vladimir ..Neither does the Promieed agents of official blackmail. Rusa- Suleika"), Gretcben. Ophelia coliseum. cr«m 01 - 3*0 szsa “ wnsmiG with |~JOv»«nt.- d , 
aov. a defecting Russian development Urn looms-dso kovs safety for .Procjoris return (StraiKS V setting 'of •S&'SSS.H*^ 1 5? fig . 

ar uhvsici=t— expect to late in Act 2— when a govern- to nuclear physics. our free- 7 . n T omor * nwrT^t 7^so th* swwmo. thurs. m . m»l *11 inb 12 .S 0 . e-as. , 

a in SSdwS5 Ct year? ment scientisi, art ives with the dom- Is something you do not ^ ^ W. 1 ^ulir 8 W ' 

e crossing the line he has security officer.' from the Atomic know w ijn to do with." Rusakov -- « TL™ ° ead, » Sin v , • » briiii»« end 1 — - - - B Thurs . 7. 1 

up science and Jived by Energy Authority- who has concludes. - We have the same These songs were *ewtrSi‘ 0 "»M ■««!- M ar»ei Mrss d M a rw.e in ) 

neenious manipulation of wangled Vladimir s entry into diagnosis from Solzhenitsin— a ..£“*** songs were pem. uum io.oo »" pm1 - . M murder at the vie a bXge | 

black market in knitwear, the country. All- that is left is man whose life-story is closely ? n “°?f d w,taL fAV0Untes }n COVCNT garden, cc. z«o iosc. fourth cheat year. 

as entered England in the -to” dispose of Katja (Susan analogous to Rusakov's. . - 3 programme that made no.wn- (C*rdenth*rM c«ejt cards a 3 b 6903 -Voaiwick theat«. cc. oi ->36 * 6 ou 
.ge. as U wera.of his cousin Engel), the one wholly admirable Jane Hov , e „, ^ director . aod jgjM to toe rtnni m of - the 

1 . who has made an character in the whole gaRi- her- ‘ talented players cannot 51 ?»,** t hf«>*2« tC anrwTii^n eV ftT Tonight 5.30 switt* ,“!Sro^d k pdStei?s 

ged marriage in Vienna with niaufn'. Kaya remains adntlr- lnfuse much Iife int0 ^ bicker- jT coiwntonmorunR. ™ ; homecotiing T mM 

n Proctor, another nuclear able; she has a Jewish grand- jn g to. which most of them are S?lS n “? 2S «olers wins thiat*e. Roseb*™ LAST** ISeEKS^sHsON WuSt'Te^ b . 

cist who has abandoned toe mother and resolves to move on conflned . only Susan Engel and “* iffl5fi- l ! l ?f 1 i 0 lr a 22?" 08 ? Av Iad5r-s welu xoval E?llK 72 ' S£IS«S a1 ?- : 

ssion. Proctor was drunk to Tel Am v. -Mark Dignam as the Rusakovs g , A WbUK: ES&xKt? globe tkeatre. oi-«t ioh. 

e time, and remains drunk What, then, are we to eon- (whose name is variably Schwarzkopf recital is alwajs^an 5 a iiPt R c*urd S&S-a. Fri. and s»t. 7.30 j pau^ eddington^juua ^rScenzie : 
about the play, which is elude from this sad, and some- accented}- . display toe glow '*&***+* s^ajo’ alan a^kbo'Ms' l J52 w co*n.dF ! 

1 on George Baker since times ^dious _display_ of .nade- personality, apart, oddly enough, S, d S ' lp,,,dev u . Bou,,Que - Thi5 JJW SSBSt 


THEATRES 


THEATRES 


Hamlei), Schumann’s fortune JSS?'* a, Si ??“It 7 *io > Th. T, l?«ST9l.M 
teller. Wolfs drunken collier of tne sun. Fri. at 7.30 io« oen. sow 


[DUKE OF YOBK 1 .CC. 01 .E 36 5122 - j PALLADIUM. 01 
" FANTASTIC ! October 2rid 

i GOD5PCLL 1 * n ONt 

' - BURSTING WITH ENJOYMENT." D _^NA 

[ T*(. Prlcoi £2 to £S. Best seas S3 half. and Her Singers . 
hour before show at Box Office. Mon.- ricki LJT 

Thurs. Frl. Mat. all seals £ 2 . SO. E'QS- , wil- m i* 

[ 8 . 15 . Fri. awl Sat 5.30 and B. 30 . 'PALLADIUM. 

LAST WEEK. MUST END SAT ' Opening Do 


-*T 7 7373 . Book now. THEATRE UPSTAIRS. 730 Z 554 . £«■ 

lor One Wee* Only 7 . 30 . Pirate jenny In EMIGRANTS V ?v 

GREAT SHOW Peter Sheridan. Until Sa™ 


October 2 nd lor One Wee 
In ONE CHEAT SHO 
LENA ZAVARONi 


THE ROYAL OPERA 
HER RING 
DES NIBELUNGEN 
Tonight 5.30 Siegfried. . 
Sat. Sept. 30 GottenSammcrung. 


WELLS THEATRE, Rosebery ; 

■37 1672 . 

■S WELLS ROYAL BALLET 


Evs. COO. Wed. 3 . 00 . SaL S. 30 . B 30 . ■ PHOENIX. Ol -836 229 *: Evenings at S.l 5 . 
TIMOTHY WEST. GEMMA JONES. - Mats. Wed. 3 . 00 . Saturdays 6.00 and B .40 

MICHAEL KITCHEN I "TIM BROOKE-TAYLOR. GRAEME 


unn uiTHHuni I Umniuii ■ r „ — — 

and Hrr Singers and Brian Rogers DatKers V £“ D * V *J: , -E. 836 9968 . CC Last week. 

RONNIE DUKES AND 8 0 °- M »«- Jljes. 2 . 45 , Sat. 5.00 

RICKI LEE AND FAMILY Q , Mh *- 00 . 

— • - Dltwn SHERIDAN. DuJcie GRAY 

PALLADIUM. „ . 01-4 37 7373 . A MURDER 15 ANNOUNCED 

Opening Dec. 20 lor a Season newest whodunit by Agatha Christie 

DANNY LA RUE Reenter Agatha Christie with a not hw 

as "Merry Widow Twanvey la whodun't hit. Agatha Christie is sulking 

ALADDIN ije Wcsl Entf aagln with Vnoiher 

D,y A s LF W R iT°L,^ nK B S H.^ ttRSKll. » 


■It HAROLD PINTER'S 
THE HOMECOMING _ 

•• NOT TO BE MISSED." The ; Time*. 
LAST 4 WEEKS. SEASON MUST END 
OCTOBER 21 st. 


GLOBE THEATRE. 


01 - 43 T 1592 . 


•HOENIX. 01-836 229 *: Evenings at 8 . 15 . . 8.00 pm. 

Mats. Wed. 3 . 00 . Saturdays 6.00 and 8.40 AN EVENING WITH 

"TIM BROOKE-TAYLOR. GRAEME [ DAVE ALLEN 

GARDEN make -US laugh." Daily Mall, i _ LtM ITED SE ASON: OCT. 2 TO DEC. 2 . • 

THE UNVARNISHED TRUTH • VICTORIA Pal »rr 

The HU Comedy bv Rovte Ryton ; »2 = ? c T k 1- 

- LAUGH. WHY I THOUGHT I WOULD' ,a 17 . 

HAVE DIED." Sunday Times. "SHEER 1 SX^TFORD JOHNS 

DELIGHT." Evg. Standard^ -'GLORIOUSl SHEILA HANCOCK 

CONTINUOUS_UkUGHTER." T.mes._ Evgl . 7 . s( , ; M au am, s*. I4S> 


Sl?.i l a in'mwr , TOM D 0 HM a LA ^rKENZIE ! P'CCADILLY. From B .50 a.m' 437 4506-1 , "'BLOCK BUSTING — 

PAUL EDDINGTON. JULHkLIcKENZ IE . Credit Cards 836 T 071 . Mon -Thurs. 8.00 i SMASH HIT M USICAL." 0 . Mall. 

e&MJAji I IN WHI TROW I prldiy and Saturday 5 . 00 . 8 . 15 . Alr-cond. I WAREHOUSE Dunn,, — Th... — : 

ALAN A VOC BO URN 5 New Comedy .. Dom.'naNng with unlettered gusto and Garden 83 G Co**"! 




, tuc pan «VIUI OUJ nuiu Mi lira iu a tcuuun »"«»■ w* J u— tin *»aiu ucwuwmj na yie ■ _ “ — . — ~ . t TUEATBCC 

nality. . . makes to,ProciN\ who is silting scientist, Walter Brown as the! w »s an occasion in which TiicATRes 

Rusakov's new companions in a near-caialonic haze of security man. An equal sense £*!“** ° f fa “'? a V°i 1 ’ ad ™ tTa ‘ week^muct end*oct! b U. 

he “hard core” from the drunkenness while a couple from of- .purpose in any of the hard * 10 "; , a ” d Profound unease ew. 7 so m«* jhuij. 3 . 00 . SaL 4 oo 
pub a gang of drunken toe hard core quarrel under his core would rescue as from (hose jostled hard, all evening, to '"'the imr musical 

*cs living off what remains nose. “ I think you heard.” long periods of admiring Hayden •J'™'* one f, fioal response. , unc^^mSmir aa * irenb 

roctor's father’s cools win. Rusakov rebukes him. “and you Griffin's red-brick walls with 50 self-aware ^ and self- credit card bookings >35 7 *it 1 

are Gordon (Julian Glover), do nothing." , their mock-Hockney. But then * j* 1 "®"' 5 '.f ." 1 d ° to ALBERT. 63 G 38781 Credit Gird bfcBS- I 


'VtVWIiSr 1 .Til vv ""“' -- Dom .ruling with unlettered gusto and Garden 836 6808 n n( 

TEN TIMES TABLE humour, the BROADWAY STAR " D. Exp. 1 r™«.» Royal Shakespeare 

-■This must be the happiest laughter.! tumour. ™ bku«u miT es ' SuiBSSi eu J. 0 J. r - .*- 00 . Stephen 

maker In London." D. Tel " An irreslst- . - Towering peTlMmme." Daily Mall. am" ££!? ACROSS THE RniER 

rt»lr enjoyable evening." Sunday Times., rowenng perwmance. oa.iy Man. ! ah s*au L .E 1 ,B 0 . ,Adu? bkg*. Aldwych. 

sswipiot r »» T , m _ && F . — 


iYMARKET. 9 S 0 9632 . Evas. B.DO 
Wed. 2 30 . SaL 4.30 and 8 . 00 . 
PAUL SCOFIELD 

HARRY ANDREWS 

ELEANOR TREVOR 

BRON PEACOCK 

and IRENE hanDl in 

THE FAMILY _ 

A new plav bv RONALD HARWOOD 
Directed by CASPER WREDE. , 

An admirable play, richly satisfying— 


e has hardly been a more satlslyrng WHITEHALL. CC 01-930 6692.7765 
g in the West End . . the BE 5 T: J*B- 8 . 30 . Frl. and Sal. 6 . 4 S and 9 00 
Z WRITING IN; LONDON.-- Obs... Paul Raymond presents the Sensational' 
.running like ah elertnc current." j . Se* Revue el ihe Century 


1 VIEUX CARRE I 

By TENNESSEE WILLIAMS I 

Works like magic." Financial Times 
" There has hardly been a more satlslying 
earning in the West End . .the BEST: 
COMIC WRITING IN. LONDON." Obi.. 
" Sex running like .aM elertnc currcnl." ; 
Fin. Times. •• DIVINT INSPIRATION — ! 

AUDACITY.- OF -HIS HUMOUR 

HYPNOTIC EFFECT." D. Mail. .- 

PRINCE EDWARD.“CC.' Tormeny CaSlnoL I 
01-437 6877 . Evenings B.OO. ^ | 
Matinees Thur. and Sat. al 3 . 00 . . < 
EVJTA . 

by Tim Bi«r and Andrew Lloyd-Webber . 
Directed by Harold Prince ' 


■ DEEP THROAT 
BUi GREAT MONTH • 


, a bad actress; Leu 
.oael Bertenshaw), a private 
Henry (Geoffrey Chater). a 
tiy gay ex-officer who does- 
or's housekeeping. 1 have 


Riverside premiere 

The British premiere of Maul- how- the mouth and other parts 


and nursed with unceasing vigi* Sow booking FoTcfipiSTMAs and 

lance. All vowels aspired to- through 1979 

wards the condition of a single aldwych. s3& eaoa, info. 836 5332.1 
closed sound; dynamics, except ^mmnv "®? AL rSlrtSFrr" 1 


PETER PAUL 

BOWLS HARDWICK 

Odd FENCLLA FIELDING In 
LOOK AFTER LULU 
by NOEL COWARD 
with Gary Raymond 


. u i WINDMILL THEATRE. CC 01-437 B 31 2 - ' 

. CC. rFormeriy Catlnor. 1 Twice- Nightly 8.00 and 10.00 

7 . Evcrring-. 0 . 00 . ^'1 . Sunday 6.00 and B.OO 

r ^anrt Sal. al 3 . 00 . . | . . PAUL RAYMOND prnseliljr' 

d Andrew Lloyd-Webber the EROTIC EXPERIENCE OF THC 
7 Harold Prince ' . ' MODERN ERA 

end 3 oct B -°J: ! 

Ergs. B.O. Saturdays s 30 and 8 . 45 . j THIHD GREAT YEAR . 

THE HILARIOUS WYNDHAM’S. 01 - 8 S 6 302 B, Credit Card" 

BROADWAY COMEDY MUSICAL fkgi. B 36 1071 from I B 30 am. Mon*- 

I LOVE MY WIFE I Thur. B.OO. Frl. and 5.1 S arid s 30 

ASXWiTH I " ENORMOUSLY- RICH ■ t- 

CREDIT CARD BOOKINGS 9 30 DB 46 } VERY FUNNY." Evening News. - 

QUEEN'S. Credit Cardu. 01-73* 11C6. , Mirv t * mea Y V- 

r --‘ X.fto.. Eat. 5 . on. a. 30 .. °. 7 * e * CATHOLIC 


»: as part of the series of cultural form 6 f music. . (upon when the voice alone failed 

.sakov (Mark Dignam) sits events organised by the Goethe Mouthpieces, composed, ? n | to tlominate the fray, 

he touchline, drinking as Institute “The Seventies Meet M74. is- being performed in| songs were still pre- 

1 as they but maintaining his the Twenties.” ' The composer Basle- and nt the Pompidou j seI ,t e d with 'such unerring 

uty for ironic assessment, uses an array of technical effects Centre; Paris immediately confidence was in itself a demon- 

__ . ■ ■ _ ..... £ h .I..j|;«a OIm ..j In .-hnur K* IV. .a nl.ninn at KlvArriila I .. . . 


2 Ed IWurw wire tommin >nsny"“ ■ Daily Man. A MBIIdTHWc. nmcs.. T . r LH an Ciinw Iki TnufM ■■ D.,nVh — — - ***■■*»“■ 

"THE MOST OUTSTANDING WORK ON: -The man who wanted a glass Ol bubbly 1 J.^CULAR_ SHOW IN _TOWN._^ Punch _ YOUNG VIC. 92 e 6363 . From Oct K . 
THE FRIN GE “■ — BBC to 30 th. 8.00 pm- | and a loopin' show must have had lUSI I RAYMOND REVUEBAR. CC. OI-T 34 1593 I ACTION MAN a ShakespearS tnl'orn 

.....icTniwc - rr n , -« . , 71 I th.* m mi-d " D. TpI . At 7 » m.. 9 wn„ Id p.m. Open Suns I RICHARD III. HAMLET and 

Nightly at a.M. Mat Tun. 2 . 4 Sl I KING'S ROAD THEATRE. 01 -SS 2 7488.1 THE U FESnVAL° OF EROTICA 1 Tl1E TEMPEST 


ir freedom is something you including film amL video to show beflpre playing at Riverside. stration of supreme artistry, of 

~ . ; the. gift of distilling intractable 

* u || ‘ . raw 1 material through a glass of 

luvai nail overriding Intelligence; but it 

cannot he said that the pleasure; 

m ^ -f , of toe evening were ever simple. 

Chicago Symphony Orchestra 

developed layers of complexity. 

hv MAY TAPPER! ■ its performance grew powerful 

oy lvi /v. l t and rewarding— toe many-faceted 

e Chicago orchestra under corporate orchestral tempera- The Mahler was something ;|xpr^ion if of “Gretchen ani 
g Solti gave the final con- .»«, .or a dWlnct and else. Carily. rhyOmUc IW-* | ? D % S Sg2 


sat. 54)0 and 8 . 00 . _ 

TONI ANHOLT PETER CARTWRIGHT 
.SLEUTH 

Thy World-Famous Thriller 
b< ANTHONY SHAFFER 


Mat Tun. 2 . 45 . I KING'S ROAD THEATRE. 01-352 7488.1 


THE TEMPEST 


Mon. to Thurs 9 . 00 . Frl.. Sat. 7 . 30 . 9.30 j Pulfy 'air^MuHttoned I ** “ "■ ■ — 

^, E N^S 5 ^°?T ROR 5 Er??r : _.»?§. ?««a TJ onal YEAR_^ \ - CINEMAS 

. REGENT Ipx lord Clrcusi. 01-637 9 BG 2 - 3 .!.-- « _ _ __ „ ^ 

LYRIC THEATRE 01-437 3686 . Ev*. 8 . 00 . I Evgs. IJ» Mato Frl. and Sat. 6 . 00 . : KMbarv Aye. 836 BB 81 . 


stration 0 / supreme artistry, of anthony 11 shaffer 

the gift of distilling intractable £.. , *S «5 

raw’ material through a glass of u.oo 10 ss.oo. Dinner and too pi->» 

overriding intelligence; but it — C8 °° inc - 

cannot he said that the pleasure *^°-h lu °A.' 4 ?oo 2B l?t. WW loo. 
of toe evening were ever simple. donald- sinden _ 

or that they had as their source ^ MgglS-^SSSSf. 

a delight in the songs themselves. *thTnk‘«f , »i<£liSd d ! 

In proportion as a song -wickedly tpnnv." Timn. i 

developed layers of complexity. ARTS theatre. oi-ase 2132 

its performance grew powerful to dirty°uni 2 n s i 


CINEMAS 


Seeing th« play again ic "n fart an 1 Mat. Thurs. 3 - 00 . SaL 5.00 and 8 . 30 .; 


JOAN FRANK i 

PLOWRIGHT FINLAY 

FILUMENA 

Directed bv FRANCO ZEFFERELLI 1 
bv Eduardo de FIIIIppo. 

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t? uaicasw urcMcauo “«“« ««««.>— — — 0 e,_„. r ^ alu r. (l .*— ,-S— 7 - BB ,ltd 31 s - — I deserves favoun royalty. Credit 

g Solti gave the flul con- net ami A & Wof«Da S Sr 

of its European tour at the ^ertSs Sch S briHiahtly ne “' s ^ ength of tone L-ount for w ^ b - was brilliantly depicted. Fr ' and a4Sl 

.val Hall on Friday. The pro- able manaee to fore than warmth or thoroughly In (he opening • Mozart group. ^.^1 WXrS he a^S t%. w iB? 1 ^ tc. boo « *S 

ime was simple— Brahms s convey. .. blended timbre (although this -is where simplicity of utterance -^- r ~ — M c n ~~ » national theatre. sza 22 S 2 ardi - 

d Symphony followed by The Brahms symphony was- uot : to suggest that warm to is must outweigh 'another girtL the e ^“VVoo.' and" a. 10 . 'S%g Sa v o y theatre. 

• a _ a a J.. .AMlMni ftf I . 2 _ _ Sr. 1 MfimflA \llHC rltirnllT Tlfllt 1*1 CnlTla in lUMBl wbbn maaa MB a taami ... ^ la 4 


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ier*s First The playing, played with a steady security sf but of place in a Mahler! singing was hardly nourishing, 
t from some slips towards deportment in which nothing was .symphony). The “ functional ” Most of toe more straightforward 
end of the latter that could P“t at risk. There seemed a quality of the Chicago orchestra’s 1 pleasures of the evemngpvere to 


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estral writing was firmly on the-bigh-powered, intense reading dramatic electricity, for its and well-placed tone, 
level of accomplishment of the F major symphony that urgent forwardness of impulse. MAX LOP PERT 

■cted from this distinguished might be expected of him. It- wax. not the way one might 

mbJv. And yet the interest Except for the final Allegro, in always- want to Hear the work pRr , - 

i of the concert was perhaps which there were flashes of the played; the lyricism of the oBL W1DS SeCOna 

uniform than might have troe. Solti vitality. _ toe absence mnsi«*. and the wonderful way award ill Prix Italia 

i nredicted. of *• convinced interpret ative -the movements grow from the • . .... 


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.2 IDi'ini* 




' 7S 


The Executive’s and Office World 


EDITED BY CHRISTOPHER LORtNZ 




The skilled worker shortage 
takes a turn for the worse 



By Richard Cowper 


to one 


wen? 2.2 'vacancies 
unemployed person.- 
Since officially notified 
vacancies are generally 
estimated to be only about a 
third of the total vacancies, the 


TT MUST rank as one of the 
more absurd aspects of the 
workings of the British 
economy that, at a time when 
most companies are still 
working below capacity because 
of lack of demand, and some . 

1 .3m people are unemployed, — much more dramatic 
one manufacturer in five ihe statistics show, 
complains that his output will 
be limited this year because of 
a shortage oF skilled workers, 
according to figures from the 
Confederation of British 


international Fact and Forecast- collar workers, though it admits 
ing (IFF) found that 46 per that a growth in demand could 
cent of the 870 establishments well bring problems: 
which made up the survey had ‘The extent of the nation's 
suffered employment difficulties, problem vanes not only from 
the great majority in finding sector to sector, but from skill 


position must be— and has been .suitable workers. to skill and region to region. 

than skilled manual workers were The regional figures foT June, 
the main problem occupational f° r example (see illustration) 
Or.e indication that the under- group . and within it mechanical show both the varying sizes of 
lying situation may now be engineering craftsmen were the the shortage and' also the c hang- 
worse than ever before comes njosl com monJv mentioned. Of in S degrees of skilled job mis- 
from the engineering industry. lhose groups with recruitment match. In the South East, for 
In nearly ail skilled manual difficulties 41 per cent claimed example, the number of notified 


Impact on UK industrial 
output Uidy-Oct 1978 ) 


Industry 


% of sects r 
claiming tkffi 
shorn** 
limits output 


Food, drink and tobacco 
Chemicals, coal ft petroleum 
products 

Meed manufacturers 
M Khan tea! «f*fme*rin£ 
Electrical at^jiwwinj 
SMpbuiMinf ft marina 
engiheerihg 
Motor * 

Other metal goods . . ■ . 

Textiles 
Other 


31 

4* 

24 

IX 

22 


Total for aH mAwry 


• Total trade mnptc 
companies.. 

was 3.104 




Tootemfceps: Heported tmen^toyed and 
*notHleji unfilled 

vasaiiBes(DBci977) 



. Tktstt tf 

:*«.sSESisfl 



Regional onemplayment ami vaoawm* i 
for craft and skilled wortws.(**»*!» j 


Notified " 

raqmdet 

Unemployed :*s*qhȣ. 

S. E 

22,013 

- 3 £ 7 » : 

E. Anglia 


1*34 

S. W«t 

£523 

9^36 -:V i»j .: 

W. MMtandi 


‘l 2 j 00 _.yy : : ;,£* 5 :.; - 

E. Mliflarub 

4.9U. 

im 

YorksWr# 2 nd 




4J930 

10 : y. iii 

N. Wert 

W 

im* 

North 

2&T 

13,032 • • 

1 — - 



Jl 


Sww in 


l(M» 




tfV 


vial i 






$ 


st hi 


jedr. 


t? 


problem is underlined by the 
fact that a year ago, when 
unemployment waa even higher, 

22 per cent of companies were 
making similar complaints. 

Although the extent of the , ... , 

deficiency can vary from sector categories, skilled shortages 
to sector and from region to last December were already 
region, the problem appears greater than at the end of 19i-, 


engineering jobs, the ratio of. that the p |. oblem was adversely skilled vacancies was as high as 
J — -v.. - 22.000, though the area had. 


Industry- 

The structural nature of the skilled vacancies to the afferting^output. The survey 

ll f rOtllCtofnfl fUl 1 #«rl _ .... 


common to much «f British 
industry isee illustration > and 
the indications are that if the 
economic upturn continues, the 
situation could reach crisis 
proportions for some companies. 

The shortage of skilled 
workers is nor a new 
phenomenon. Ii has been wilh 
us in varying degree*, since the 
war, as a significant factor in 
the supply bottlenecks which 
have contributed in British 
industry's failure in meet 
increased demand as the 
country approached the peak of 
each and every boom, so thar a 
flood of imports has been 
sucked in. There is some evi- 
dence to suggest that the situa- 
tion is now slightly worse than 
at similar stages in previous 
economic cycles. 

There are two ways of 
assessing the extent of the 
problem. One guide is the ratio 
of notified skilled vacancies to 
the number of registered skilled 
unemployed (see illustration). 
On this basis the situation was 
at its worst in the middle of 
1965 (at a time when unemploy- 
ment in Great Britain averaged 
1 per cent! when for example. 
I here were 6.5 vacancies to 
every one unemployed person 
in The main skilled engineering 
and allied occupations: this was 
at a stage when the economy 
was booming. More recently, 
in November. 1973 (at the 
height of the 1973 hnomi. there 


when unemployment was half 
todays total, and when output 
was growing rapidly. 


Indication 


number of registered skilled found lhal , arger establishments 32 ’ 276 unemployed 
unemployed was- higher last ieeBied more affected than workers. And the 
December than for two years small> but lhere appear ed to be «*“W be worse - as 
before although engineering , mie difference bet ween ^ 
output had fallen. regions 

For half the engineering job “ Jeeent report frora 1Jje En . 

gineering Employers' Federa- 
tion showed reported vacancies 
for skilled engineering workers 
to be arouod 30.000 though the 
true figure could be a$ high as 
90.000. And th e latest CBI 
figures (July) showed that some 
35 per cent of 

Another way of looking at in mechanical engineering be- 
ihe problem is to compare the lieved that the shortage would 
percentage of companies work- limit their output this year, 
ing at full capacity, which is a Within engineering, machine 
fairly good indication of the tools seem? to be among the 
s-tate uf demand, with the per- worst hit. with half of the 
centace of companies reporting industry claiming to be affecred 
a skilled labour shortage. by shortages, in spite of the 
Although the relationship since fa ,. t (hat< in general, order 
I960 between these two has been hnoks are far from fu]J Accord . 
virtually constant in spue of j nj , t0 tbe National Economic 
various government-inspired Development Office (N'EDOl 
training schemes designed to the proWem seems tn par . 
l:nm future shortages. he t}CuIar!y acute fn snme ng \ omt 
graph show, that inday the rhe South East and fhc 

!;■ U 1 r J i n West Midlands the most badly 

at similar points in previous -a---.,.,! 

economic cycles. anectea. 


skilled 
situation 
notified 

vacancies are roughly a third 

of actual vacancies. 

The North West on the other 

hand, had '4,491. vacancies 

although it had 30.016 skilled 

unemployed, while the North 

had 2.567 vacancies and 14.000 

skilled unemployed. 

. Another instance concerns 

the shortage of toolmakers in 

manufacturer thc South-East In December it 
manufacturers WM much more acule Ihan the 

overall trend for skilled 
workers might have suggested. 
The area had twice as many 
vacancies, for this skill than 
there were unemployed. And 
the problem was nearly as bad 
in the West Midlands, where 
there were 206 vacancies and 
173 unemployed. 


(mt 

WWW 

11971 



Vacancies as a 
% of registered 
for 


Sara OnLfttnptresaa 


»o; 


zoo; 


soo: 


appear 



itaorw 


3960 


*76 1978 


Deficiency 


For example, in the summers 
nf 1970 and 1972. when as today, 
around 22 per cent of manu- 
facturers were reporting that 
skilled shortages were limiting 
output, over 10 per cent of com- 
panies were working at full 


example, would appear to be 
capacity, whereas at the short of some 2,000 skilled 
moment this is true for only 35 workers in spite of its large 
per cent nf companies. intake of apprentices 1 1#00 this 

One nr the sectors tn be ycari. 
worst hit by the phenomenon It is interesting to note, hnw- 
has been the broad one nf ever, that GKN. Britain's big- 
engineering — also one of those gest engineering company, with 
most affected by lack of demand, a large number of its suhsi- 
A survey into recruitment diaries in the Midlands supply- 
problems in British Industry in? the automotive industry', 
published this year for the Man- does not at present have a sisrti- 
power Services Commission by ficant shortage of skilled blue 


sectors- ICJ. which has generr for sdrng IS ujontbs.ajftfc tlpf and between, different skill skilled -worker - Shortages js 
ally had few problems attracting company says it Just eaxuapt jind. groups, but because some- acuta. It , already : _eaustpg 
skilled blue collar workers, pro- them. . ; * •" ‘ analysts have noestioned the sertoiiscduce rn to both Industry 

The picture in electrical rides perhaps The most dramatic A recent survey, of 45 plastic^ ^ accuracy of the CBFs trend and .Government..- . 
engineering reflects, the general example nf the effects a shortage companies by "the British .figures on this problem.- ■ . They .abare.a.f^r. that,, when 

trend, with around 20 per cent In one skill can have on a raanu- Plastics Federation • suggests ^Tbey argue that; in' some the economy getsmoving a gain , 

of the industry claiming that a factureris operations. ; that the shortage of sfdUed'report'ed cases, the shortages many companies ■ will hot .be 

deficiency will prove a brake on The company has dosed down workers is increasing steadily, ‘.have on investigation - been able to; take full advantage of 
Another industry to be suffer- output this year. GEC— Britain's two plants part of another, and with some 60 per cent of :-tke- found to be illusory. They the increased demand, because, 

ing despite depressed demand is largest private "employer— is has held up the opening of a' companies taking part expdfct^Shggest that this may be partly they just -will not have- enough • 

motor vehicles, with some 40 looking for 3.00Q extra skilled fourth which has just been ing t0 suffer from a shortage: due to the fact that some ^m- skill ed ma npower -to cope with .. 

per cent of companies claiming men and women. At its Marconi built — all at Wilton. Although this year. A significant mimbw^panles have ticked, say, both the extra work load; 

that the shortage is affecting subsidiary, for example, there there is world overcapacity in of those cite this as a brake; og/^ck of demand” and ‘Shortage/ As th* managing ^director jrf : 

output. British Leyiand, for is a shortage of anything up to some of the products made output An earlier survey pab^ of skilled Iabour”^ -'las factors oim East Midlands engineering 

700, with the plant at Chelms- there, IQ claims that the lished some -18 months -‘,a&.£able to limit output; when .tbe companor saidt' ^If- bver a fifth 

ford needing 400. ' A similar closures were forced on it by a found that only 47 peF cenl.Jorro R r may have been by f ar of eompacieiarc^ortdf skilled 

picture emerges at Ferranti, shortage of instrument artificers expected a most important.' - ’■ ‘ ]abror tdday. God help ttsr if 

where rhe company claims that — the men who control the in- These and other, partcutarly.;’ In spite of these' reservations, :we experience anotber !9734ype 
the current shortage of 500 struments at the nerve centre national statistical figures, heed .howe\-er, all the; evidence points boom.” ' 

skilled workers at every level of a high technology modern to be treated with some caution, to the fact that today, at a time _ A second artide. examining 

could prove to be the main limit chemical plant Wilton has been not only because skill shortages bf depressed demand and hfeh tfc^ «wtpter causes pf tke short- 


en its future grmvih-i- 
Thc chemicals industry, to- 
gether with coal and; petroleum 
products, has been affected in 
specific areas, but it appears to 
be less badly hit than most other 


short of 1 70 of these key workers can vary from region to. region unemployment, the problem' -of age.. toiR. be publiqhed-io mo rr a w. 


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Managers to discuss 
Third World strategy 

By Nicholas Leslie 


THE ROLE and responsibilities The Congress registtation fee 
of management in promoting is $300. Application forms are 
both economic growth and available through Air India at 
human welfare will form the 17-I$.Xew Bond Street London 
main theme of a major con- WIY QBD. Ale India is also the 
ference to be held in India in official carrier and is providing 
December. a travel package (air fare, bed 

At the same time, the 18th and breakfast and transfer to 
CIOS World Management Con- and from airport) for £440 — 
gress aims to provide an oppor- with an £85 single room suppie- 
t unity for managers from meat There- is an optional 
developed and developing four-day extension with tours to 
countries to assess ways in Agra and Jaipur for an extra 
which the development of the £g9, including all meals. 

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plotted. It is likely that India 
will be promoted as one of the 
most promising countries 
through which, in partnership. 
Western industry can broaden 
its activities in developing 
countries- 

The congress will be held 
between December 5 and 8 in 
Delhi, with Shri Moraji Desai. 
India's Prime Minister, giving 
|the inaugural address. Mr. 
Prem Pan'dhi. president of the 
All India Management Associa- 
Jtion — which will host the 
congress — and chairman of 
Cadbury India, sees the con 
ference and us venue as an 
ideal way to bring together 
managers from East and West. 

The CIOS — originally the 
Conseii International pour 
’Organisation Scientiflque — is a 
non-political, non-government 
and non-profit-making associa 
lion of representative manage- 
ment organisations throughout 
the world (though the British 
Institute nf Management is not 
a member) whieh has consulta- 
tive status with a" number of 
organisations; such as UNESCO. 

Among the speakers at the 
conference will be Professor 
Peter Drucker, the well-known 
management pundit, and Dr. 
S. S- Ramphal. secretary-general 
of the London-based Common- 
wealth Secretariat. Other 
speakers, including industria- 
lists. academics and government 
representatives, will be attend- 
ing from as far afield as the 
Philippines. Hungary. Russia, 
Yugoslavia, Brazil. Canada, the 
U.S.. Malaysia, Venezuela, as 
well as many West European 
and other countries. 

The conference will comprise 
plenary and group sessions. 
Subjects for discussion include' 
— in .plenary session— Manage* 
ment Culture; Management and 
Technology: Management of 
Development for Human 
Welfare; and Managers’ Con- 
cerns tn the Next Decade. 
Group sessions will then look at 
all different aspects of the sub- 
jects covered in plenary session 
—for example. Regional Charac- 
teristics of Management: Entre- 
preneurship: Management of 
Research and Development; 
Technology Transfer: Manage- 
ment of Urban Communities: 
Managerial Realities Globa! 
Interdependence; ' and Con-, 
sumensm. 




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Monday September 25 1978 


The shaping 

of EMS 


MR DENIS HEALEY, it seems, a great deal of the workings of 
has yet to learn the elementary the Community as we know it 
lessons of negotiating. The are effectively up for renegotia- 
Chancellor of the Exchequer don, not perhaps In one fell 
said at the meeting of Common- swoop but gradually as EMS 
wealth Finance Ministers in gets under way. 

Montreal last week that Britain It therefore was and remains 
might not be joining the pro- an essential British interest to 
posed European Monetary play the fullest possible part in 
System. Then, by way of these discussions, and to do so 
explanation, he produced the with a visible will for them to 
assertion that the British succeed. Such a demonstration 
economy— apparently unlike the of will should itself strengthen 
French — is now strong enough our negotiating position. The 
to stand on its own without the French, after all, have fte- 
need for European support. quently achieved their a l ms by 
.. Mr. Healey, it is true, is not cloaking them as European, a 
Prime Minister. Mr. James practice said to be admired byj 
Callaghan is believed to be the Callaghan Government — 
rather more favourably dis- though not apparently by the 
posed to EMS than the Trea- Treasury. There is no reason 
suiy. Yet for a Chancellor of why it should not be followed 
the Exchequer publicly to pro- by the British, 
claim an indifference bordering There may, of course, be 
on hostility to a major European legitimate fears about how EMS 
initiative and to base his case will develop. It has been argued 
on an illusory notion of British that it might seem anti-Amerl- 
economic strength can hardly can or even undermine the IMF. 
make the British position any Yet the way to prevent either of 
easier. those contingencies is to have 

an influence on the shaping of 
Renegotiation the system from the start For 

tk« -wo*. if one lesson at least should 

When the adea of closer Euro- h been j earne d f rom the past 
pean monetaiy cooperation was to ^ we ^ n0 longer 

5? 10 c??' CaUagha S fay talking about alternatives. There 

Chancellor Schmidt in Bonn is no moneta ry equivalent of 
last March, the Prime Ministers gprA to join should Britain 
initial reaction was one of some choose t0 stand aside from main- 
scepticism. It quickly became stream European developments, 
dear, however, that a system of n, e French and German deter- 
some kind would go ahead with m i n ation behind EMS is such 
or without British participation, that it will simply go on without 
From then onwards there was U s, while at the same time mak- 
only one sensible course for the ing our relations with the Com- 
British Government to take, m unity on other matters more 
That was to declare a commit- difficult Why should the Com- 
ment in principle and to seek to munity help us on the CAP. for 
negotiate the best possible example, or indeed on anything 
terms. else if we refused to do it 

In a gru dgin g sort of way through EMS? 
that more or less happened. Mr. , 

Callaghan at least seems to Worst ground 
have disclosed a stronger it is also true that there is 
interest in EMS to European nothing to be gained by con 



issue is 




to new GATT agreement 


BY COLIN JONES 


o 


leaders than he has to the 
British Parliament. It has also 
emerged over the months that 
far more is at stake than a 
technical 
scheme. 


centrating on purely technical 
objections. The first period of 
EMS will almost Inevitably 
contain pitfalls. What matters 
currency support is that there should be contin- 
The Community is gency plans- to deal with them. 


talking not just about exchange even if some of them have to 
rates, but about the transfer of be developed as EMS proceeds, 
resources from one member In other words, for Britain it 
state to another. That implies should be a question not of 
the reform of the common agri- “ yes, if the terms are right " 
cultural policy, one of the long- but of how to secure the right 
standing objectives of succes- terms, 
sive British Governments. Yet the worst ground of all 
Indeed at the Bremen summit for lack of commitment would 
in July the Heads of Govern- be the belief that the British 
ment had their most productive economy somehow no longer 
talks on this subject so far. It needs the Community. There is 
also brings in the possibility of no way In which such an 
enlarged' regional and social approach can improve the 
funds and of revising the British bargaining position 
national contributions to the either now or later, when the 
Community Budget! In short, belief is found to be false. 


I Mr. Begin's 


next task 


JUST ONE week after the 
dramatic presentation at Camp 
David of two “frameworks” for 
peace in the Middle East, the 
reaction of those not directly 
involved in the negotiations — 
in Israel and the rest of the 
Arab world — have been as 
negative as might have been 
expected. In Damascus, those 
Arab leaders most opposed to 
President Sadat's policy of 
direct negotiations with Israel, 
have formed a “front of stead- 
fastness and confrontation,” 
broken off relations with Egypt 
and geared themselves up to 
oppose by any means the Camp 
David accords. Saudi Arabia 
and Jordan, both of key import- 
ance for the success or failure 
of the accords, have been 
hostile but not “ rejectionist 
Mr. Begin, Israel's Prime 
Minister, returned to a hero’s 
welcome (as did Mr. Sadat), but 
also to some sharp criticism of 
the implication that settlements 
might have to be removed from 
occupied Arab territories. 

It is to be hoped that all of 
these reactions are not final 
positions. On the Israeli side, 
Mr. Begin has always been 
caught between wanting to go 
down in Jewish history as the 
man who brought peace to 
Israel, and his deep religious 
attachment to the land of Eretz 
Israel. This has meant that he 
does not want to be labelled as 
the politician who gave away 
Judea and Samaria (as he calls 
the West Bank). At this 
moment, the dilemma is very 
apparent. 

. While the Israeli cabinet yes- 
terday accepted the Camp David 
accords and the principle of the 
withdrawal of the Sinai settle- 
ments, Mr. Begin has indicated 
that he will offer no public 
guidance on the subject, leaving 
it to the Knesset (Parliament) 
to decide. This is evasion of 
statesmanship. The worry in. 
the minds of Mr. Begin's 
critics is that agreement to 


dismantle settlements hi Sinai 
(not part of Ertz Israel) would 
create a precedent which could 
be applied to the West Bank, 
the Gaza Strip and the Golan 
Heights. But if the Knesset 
were to decide against dis- 
mantlement, the Camp David 
agreements, would be useless. 

For Mr. Begin's principal 
shortcoming as Prime Minister 
of Israel has been his inability 
to move from stimulating sym- 
pathetic debate about under- 
standably emotionally religious 
topics — such as settlements — to 
persuading Israelis that un- 
popular decisions must be 
taken. If peace is finally to be 
reached, Mr. Begin will at some 
stage have to tell his con- 
stituents that settlements will 
in the end have to be with- 
drawn from all the occupied 
Arab lands. 

Meanwhile the Arab reactions 
elsewhere have to some extent 
been replays of the anguish at 
Mr. Sadat's visit to Jerusalem 
last November. It is understand- 
able that Saudi Arabia and 
Jordan should have reservations 
about the Camp David agree- 
ments and seek clarifications 
from Mr. Cyrus Vance, the U.S. 
Secretary of State. 

The Damascus meeting has 
been essentially backward look- 
ing. In concentrating their 
hostility on Egypt and on set- 
ting up military commands, the 
participants give no impression 
of intending to be constructive. 
One thesis they would do well 
to examine would be whether 
the two “ frameworks " at Camp 
David do not in fact contain — 
through the question of Israeli 
withdrawal, the involvement of 
some Palestinians, and the pro- 
cess of negotiations with Israel 
— some elements of a process 
which in the long term might 
serve Arab interests. But for 
this process even to start, some 
clearer leadership in Jerusalem 
is required. 


NE OF the toughest 
issues still to be resolved 
if the present round of 
GATT multilateral trade talks 
is to be concluded before the 
desired December, 1978, dead- 
line is the framing of an Inter- 
national code on subsidies and 
countervailing duties. 

The need for such a code is 
generally accepted among the 
various negotiating teams 
assembled in Geneva. The use 
of industrial subsidies for one 
purpose or another has become 
widespread in both the de- 
veloped and developing world. 
They are often provided with 
little overt regard for or even 
recognition of their adverse 
effects on international trade. 
There have been mounting com- 
plaints of unfair competition 
from affected business and trade 
union interests and — particularly 
in the U.S. — rising pressure for 
countervailing action. 

The fear is that, unless the 
existing GATT provisions on 
subsidies and countervailing 
duties ere suitably strengthened 
and clarified by the adoption of 
effective procedures for con- 
sultation and settlement of dis- 
putes, the benefits of any new 
trade liberalisation package 
might be largely nullified by a 
proliferation of unilateral pro- 
tectionist measures and 
counter-measures of this kind. 

The trade negotiators are 
still far from reaching agree- 
ment even on quite crucial 
matters. Among the major out- 
standing Issues are such ques- 
tions as whether another 
country's subsidy would have 
to be shown to be the principal 
cause of injury, or merely an 
important contributing factor, 
to justify the imposition of 
countervailing duties; whether 
such duties may be imposed 
unilaterally or only after 
authorisation by a special GATT 
panel; the extent to which the 
code should cater for the special 
needs of the developing nations; 
and the extent to which it — 
or any comparable arrange- 
ments — should apply to trade in 
agriculture and other primary 
products. 


No injury 
test 


The initiative for including 
subsidy code in the latest 
trade package has been mainly 
American. The U S. negotiat- 
ing position is -a strong one 
for two reasons. First, under 
its GATT “grandfather rights" 
the U.S., alone among the con- 
tracting parties, has been 
exempted from having to con- 
form with the article requiring 
proof of Injury before counter- 
vailing duties are Imposed. This 
was because there was no injury 
test in the UB. legislation in 
force when GATT came into 
being in 1947. 

Secondly, the provision in the 
U.S. Trade Act 1975, giving 
the UJS. Treasury the discre- 


tionary power to refrain from 
countervailing action if sucb 
action would jeopardise the suc- 
cessful outcome of the present 
trade negotiations, expires in 
January. The imposition of 
countervailing duties on any 
import receiving an export or 
production subsidy in the 
country of origin will then again 
become mandatory on the U-S. 
administration. 

The imminence of this dead- 
line lay behind the row which 
broke out earlier last week 
between Brussels and Washing- 
ton. The Carter Administration 
told the EEC, which is negotiat- 
ing on behaZf of member- 
countries at Geneva, that there 
was no prospect of persuading 
Congress to extend the waiver 
beyond January. The EEC 
foreign ministers warned that 
the Community could not be 
expected to continue the GATT 
trade talks while facing the 
threat of a trade war. As the 
January deadline has been 
known for four years and as 
there is no reason to differ 
from the U-S. administration's 
reading of the present mood in 
Congress and the country, the 
episode should presumably be 
taken as indicating the kind of 
pressure which is now building 
up. 

At the outset, the U.S. pro- 
posed a three-part classification 
of subsidies and related counter- 
vailing procedures, .promptly 
dubbed the “traffic lights" 
system. The first category 
would be prohibited export 
subsidies which would auto- 
matically trigger.the imposition 
of countervailing duties in the 
imparting country. In the 
second category would be 
internal subsidies which can 
have a substantial trade effect 
and which would be subject to 
action if it was found that they 
had caused or were threatening 
to cause -material - injury to 
foreign producers. Finally, 
there would be -internal 
subsidies with minor, indirect 
trade effects which would not be 
subject to countervailing action. 

The EEC, with' the broad 
support of the Japanese and 
Canadians, have all dong been 
opposed to the idea, of auto- 
matic triggering of unilateral 
countervailing duties under any 
circumstances. In the case of the 
Community, this stems from 
scepticism . about . . Whether a 
definitive and exhaustive jist of 
prohibited export subsidies 
could be agreed (as past experi- 
ence rather indicates). In any 
case, the EEC -wants a strict 
injury test in two stages: first, 
an evaluation of a subsidised 
product's penetration of a com- 
plaining country’s market; and 
second, if (and only if) the first 
test showed positive results, an 
evaluation of the situation in 
the affected industry (turnover,, 
prices, employment, profits, 
investment, and so on). Even if 
injury were conclusively 
proved, and bilateral negotia- 
tions between the countries 
concerned failed to yield a 


solution, then in the Com- 
munity’s view multilateral con- 
sultations ought still to precede 
any countervailing action by the 
complainant country. 

Superficially, the negotiations 
would appear to be a contest 
between the Americans, who 
want to see European subsidy 
practices subjected to greater 
disclosure and discipline, and 
the Europeans (and some other 
countries) which want the 
Americans to yield up their 
“grandfather rights " and con- 
form to the same basic rules as 
everyone else. But, deep down, 
fundamental economic and 
political issues are at stake. 


treasuries would exert a dis- 
ciplinary influence — govern- 1 ; 
ments resisted the tempta tion t o 
intervene to frustrate the struc- 
tural changes brought about by 
the changing pattern of com- 
parative costs, the scope for 
conflict between trading nations 
would be kept to a minimum. - 
Governments, however, have 
been far -from willing to stand 
aside. This was evident long 
before the post-1973 world trade 
recession led to a proliferation 
of -financial aids for job res- 
cue. and job creation pro- 
grammes. A liberal trade 
system works best when it is 
adopted b y states in si m i l ar 


vdopraeltt policies, export pro- 
motion policies, and investment 
Incentive policies began to be 
more -'widely and . intensively 
pursued in the early 1960s 
when * ‘"'tariff ' reduction and 
economic integration were mak- 
ing it more difficult to resort to 
conventional methods' of pro- 
tection and the consequences of 
trade liberalisation were malting 
themselves felt. 

There are now . state incen- 
tives for energy production and 
conservation, to reduce pollu- 
tion and safeguard the environ- 
ment. - States; -industries like 
computers, ~ aerospace, -steel, 
shipbuilding and electronics 



How much is now being 
expended on subsidies, no-one 
is able to say. Few governments 
.draw up budgets or publish 
accounts -which make it easy to 
extract appropriate figures. Few 
subsidies are transparent. What, 
for example, is the precise ele- 
ment of subsidy in a tax conces- 
sion, a state equity bolding, or 
in a loan from a state agency 
which borrows at government 
rates and supports high-risk 
projects? The total must cer- 
tainly be huge. On regional 
policy alone, the nine members 
of the EEC are estimated to 
have spent in 1974 some $3Jbn 
on a narrow definition of 
regional expenditure and prob- 
ably twice that on a broader 
definition. 


It is the comparative invisi- 
bility of state aids that make 
them so tempting to use — and 
sol insidious a threat, to the 
international “ trading - system: - 
They- politicise decisions in the 
Market place, create uncertainty 
for businessmen, and lead to 
recriminations between govera- 
- ments. The more there are, the 
more they can become mutually, 
self-defeating and. the longer.; 
the inevitable adjustment may. 
/be delayed. ' Unless present, 
trends are . checked, tile more 
we are likely to see. mamifac-: 
Turing travelling do\yn the same 
protectionist path as agriculture . 
— .as shipbuilding, for one, i3 
already doing; .If that were to': 
happen, it would be the weakest 
members of the ihtematibhaV 
^trading •• community, nor the 
strongest- which would suffer. 


Organised 

interests 


Time is running out for the three chief negotiators in ‘the GATT multilateral trade talks— 
Mr. Robert Strauss, U.S. Special Trade Representative; Mr. Nobuhlko Ushiba, Japan’s Foreign; 
Relations Minis ter; and Mr. Wilhelm Haferkamp, EEC External Affairs 



Governments, too, would gain 
if .there were stronger inters' 
national constraints upon the 
innate' nationalism and mer- 
• , cantflism .of politics in each 

They relate not only to the stages of development, with are cosseted by grants, tax con- nation. It would strengthen; 
question of how far the freedom similar economic systems, and cessions, preferential credits, their position against organised, 
of individual nations to pursue similar competitive capabilities, equity participation,, or public , private interests and so arrest 
their own domestic policies Since 1947, there hiu emerged ownership. There ' are pro-, what Dr. • Jan Tunriir, the 
should be circumscribed by the a large number of newly-lndb- grammes to foster faster growth research director of the ■GATT 
need to maintain an orderly pendent, developing -nations motivated, like aH the rest, by Secretariat, has, 1 called the 

b tee-ding of 
multilateral 

like the state 

role' of government' in business, trialised nations have become fruits -of' trade liberalisation aid provisions; in the EEC 
a matter on which differing concerned at' the manner in. helped to arouse. Treatfi. would hot forbid sub- 

nations hold differing views. - which thp evolving global dis- l.Sccjh measures.are to beseen 
The principles embodied ' " * *' ” ‘ ” 

the General //Agreement _ 

Tariffs and Trade were' almost :Jheir own economies. r™ - - 

entirely American > (and ■ pr^ :*a^;;Dot. regarded, the rapidity^Mrt^ latter-d^:%it^^or ; W3ng process the costs that 
New Deal American at that)— 0 ? '-adjustment it reqmres wfcerfe .subsidy . practices - are imposed oh others. A- 

n^ely ^rermnents ^ ,. a^ble.^ self-denying agreement to avoid; 

•should ' stand a<dde from the The Ideaof comparative fede GeJroS^riidpuIarly regarded as second-best solutions ought not 
market system Economic wel- advantage and /industrial speda-: doctrinaire In/ its opposition to to be hard to accept . 
fare would he best nromoted on Usatitra implicit in the GATT state intervention, has an active ■Whether in fact an effective 
the global level as on the ias fl0t a ^ w ^ ys Promoted or regional policy and has given code will emerge from the talks 
national bv lettine romnetition roindded ^ perceived financial aid to its soal, oil, at Geneva— whether tiie nations- 

tho nationaI objectives for employ- shipbuilding, .' computer, and represented there will in prac- 
international payments, .aerospace industries. Even the tice -Cschew beggar-thy-neigh- 
rpost effiden t aJlo^atiQn aDd use or gn^m. US, the progenitor <* the post- bonr polidK-reMins to be 

or resources rms wouta aiso Out 0 f this 'mistrust of the war international trading seen. It is but one ingredientih 
help to (^politicise inter- market mechaiflsm, there -has system, has used measures to the trade, liberalisation package, 
national trade in contrast to the grown a belief— more marked promote exp6rts,.or support In- But it is one of the most 
national .confrontations which in some countries than in others dustries identical tn .Some bf- jmportant, • and probably , the' 
characterised the inter-war — in the superiority of state those enjoyed by Importers most intractable, for the future 
years. Provided— and here it action. It is no coincidence that against _.whom ;it has levied well-being of the international 
was assumed that national industrial policies, regional de* coimtervajpig duties. j'.., trading system. 


MEN AND MATTERS 


Pensioners 
to the fore 


The first shots were fired on a 
new battle front yesterday. The 
pensioners are girding their 
loins and yesterday 2,000 of 
them gathered in Trafalgar 
Square to hearTien Murray tell 
them that the TUC is right 
behind them and to listen to 
Jack Jones add his weight to 
their campaign. 

In the brisk autumn sun they 
marched up from the Embank- 
ment, down the Strand to what 
was their first national meet- 
ing One 71-year-old pensioner. 
Ada Pick from London's Dollis 
Hill, claimed “ You don't get 
anything if you don’t act” 

And act they did. with ban- 
ners, badges and bands. “ Old 
and cold” read one placard, 
white another complained that 
the pensioners had to wait like 
animals on the bread line." 

Len Murray, the General Sec- 
retary of the TUC, served notice 
nn the Government that they 
would be heaoing demands for 
higher pensions on top of their 
rejection of the 5 per cent 
wages limit. 

He repeated the TUC’s 
demand that pensions be in- 


creased to one-half of average 
earnings for married couples 
and one-third for single per- 
sons. But as a new point he 
insisted that this should be in 
1979, with extra contributions 
from both workers and em- 
ployers. Employers' contribu- 
tions were lower than elsewhere 
in the EEC, he said. 

Jack Jones, the former 
General Secretary of the TGWU, 
tells me that he is working to 
drum up support at the grass- 
root level. He is appalled at the 
" chicken feed " which pen- 
sioners receive now and at the 
delays in giving them free or 
at least subsidised travel. 

The afternoon at Trafalgar 
Square began on a chirpy note 
with the Rampart Street 
Paraders band leading the pen- 
sioners to Nelson's feet But it 
ended with the Dad's Army con- 
tingent vowing to return for 
more. Watch. out Whitehall. 


One British expert who 
believes McHeugh is on the right 
lines is Frank Pegg, a Home 
Office security lecturer who has 
his own firm in Coventry, Volu- 
matic. He considers use of tele- 
pathy is likely to spread. 

More conventional methods, 
he says, are "not very sophis- 
ticated," although invisible 
markers, used for example on 
notes in cash tills and packets 
of cigarettes, are catching on. 
More dramatically he hopes that 
subliminal messages, such as “I 
am honest, I will not steal,” 
already common in ' the U.S.,; 
will soon become part of the 
muzak in British stores. 


Musical marchers 


Psyching them out 



“Superb brakes— will stop even 
faster a Ford worker.” 


Not everyone is as coy about 
dealing with so-railed “shrink- 
age" as London stores appear to 
be. I have just been talking to 
a remarkable man by the name 
of Reg McHeug. director of 
security with the Kossler chain 
of stores on Canada's eastern 
seaboard. He tells me his un- 
failing method is telepathy; "I 
am able to get these vibrations 
about people. So far I have 
been right in 99.5 per cent of 
cases. I know something is 
there. It gives me an idea of 
,what to look out for." 

McHeugh's unusual talent is 
rendered almost self-fulfilling 
by the publicity he has received 
in New Brunswick, where he is 
instantly recognised. “Some 
people are spectical. but the 
guilty ones are petrified,” he 
tells me. This must help his 
telepathy along. 

Of his friends, one in three 
thinks he is “a kook," but he 
claims to have virtually 
nated thef In the stores to which 
he bas directed his attention, 
and is now training others in 
his methods. 


Anthony Wedgwood Benn picks 
some unusual soap boxes to 
expound his philosophy but 
Hyde Park yesterday saw him 
orating from under the suit- 
ably symbolic Reformers' Tree. 
"We are preaching the politics 
of hopes against the politics of 
fear," he told an 80,000-strong 
crowd, exhorting them to use 
their democratic rights to build 
a world in which “racialism has 
no economic basis for its 
appeal.” 

Heady words, but right on 
key for those in the Anti-Nazi 
League who had gathered to 
hear - speeches from our 
ubiquitous Energy Secretary, 
from the miners’ leader Arthur 
Scargill. and from rock star, 
Tom Robinsoa 

As they spoke, groups rang- 
ing from reggae to rock and 
from soul to punk battled 
quietly for the ear of the mixed 
bag who lolled on the grass. 
The beads and beards mingled, 
and as people wandered aim- 
lessly with lapel badges and 
giant lollipop sticks beaming 
out the legends “ Anti-Nazi 
League ” and “ Rock Against 
Racism." Peter Hain, one of the 
ANL's triumvirate of self- 
appointed leaders, denied that 
he was trying to anchor the 
fight against racism to the 
Labour Party though said he 
hoped it would be espoused, by 


the labour movement. As for 
Rock Against Racism, a group 
formed two years ago to steer 
•young people away from the 
National Front, this has been 
the force behind 360. carnivals 
since May aloiie. And their pro- 
gramme? • “Oh, . we are no.t 
offering an alternative,” I was 
cheerfully told. 

• The ANL’s avowed opponents, 
the National Front, were in full 
force when I arrived at their 
rally on the Embankment The 
Union Jack was flying and 
sounds of -“Rule Britannia' 
rose raggedly from the ranks. 
They then set off. flanked by two 
rows of policemen on both sides. 
25 mounted police in front and 
behind and a huge number of 
police at sidings and crossings. 

Away from the leafy streets 
beside the Thames, they shouted 
such slogans as M The National 
Front is a racial front, join' the 
National Front” 

I found the NFs new “home. 1 
an old warehouse. In Great 
Eastern Street shrouded in 
mastic and guarded bv nolle*. 
Then to shouts of “Up the 
English,” the- several thousand 
supporters marched past, end- 
ing up round the corner where 
th*ir National Activities Ore- 
anlser. Martin Webster, asked 
his faithful h«w, if ft had been 
right to fight the German 
invaders it was wrong to fieht 
the black, the brown and the 
yellow. 

On my way back, passing 
through Brick Lane. I nicked 
un an anple from a stall keeper 
who claimed to have the 
longest-running stall in the 
market. How did she and her 
femilv react to the violence? 
“We’re used to it." she. said. 
“ After ail. w® survived Moseley 
In *h» 1930s.” 


Kings ain't wot 
they used to be 

From an advertisement for a 
Florida hotel: “Live like a king 
for $40 a day. De Luxe suite 
$20 extra.” 

Observer 




PATEK PHILIPPE 




\ 4 

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ifO i C 

£j." 








ONE OF THE 

WORLD’S COSTLIEST WATCHES 
IS MADE OF STEEL 


Every detail of the self- -, L 
winding Pafek Philippe ' 
movement is hand-finished,. 
Even the tiniest- screw j. 
is individually polished. 
NickeKchrome-motybdenum 
steel case, is water-resistant 
to depth of 120 metres 
(396 feet). . 


••••. The swinging mass which 
' winds the watch while you 
wear it incorporates a piece 
. of 21 ct gold (added weight 
ensures optimum winding 
efficiency). Amazingly slim. 
Nautilus by .Palek Philippe 
with matching steel 
-bracelet 


Catalogue and Est of authorised jewellers from' Patek Philippe. 
Dept Jr, F-O.- Bo)C 35, Maidenhead, Berks. SL6 3BQ. 




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j ft ft an dal (ISmes Monday Septeini3er 25 1978 1 


-^-= f-LLfA 


SURVEY 


Monday September 25 1978 







The UK commercial vehicle market is growing faster this 
year than any other in Europe. But it is facing a big challenge from 
importers, who have raised their market share substantially as British production has stagnated. 
Meanwhile the rationalisation of the industry within the EEC is continuing. 


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' i pit ' jiBii r v - . -■..<£• v • ^*800 ,. • v*\ 

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X 'lacesfiis vehides spend the night 
^ i : And his fellow managers grumble any 

jSp 1 me there's a problem with apick-up or delivery. 


vehicles on a special form Along with their 
mileages per week and any time spent off- 
the-road 

What we do is record them on a com- 
pute); and programme it to produce a detailed- 
confidential analysis of the information for you. 
At say quarterly intervals. 



-■ Youchoosetheformof printout. 


- -^v AtFordwe can'f do much about the 

irst three complaints but we do have a cure for 
he fourth. 

It's called E O.CAS.-Ihe FordOperating 
, -j: 7ost Analysis System. 

■ ■ , - 7',.- s- A series of computer-produced tables of 

; f ruck running costs that take the late nights, 

' nanual labour guesswork and argument out of 
osting a transport operation 

■ ■ P ■ 

It’s no trouble. 

All you do is record the fuel, oib 
naintenance and repair costs of each of vour 


Because no two companies are the 
same; there is a range of E O.CAS. printouts 
available 

There's 'group information' that 
analyses the whole fleet's costs by weight sector 
coriipares them with the average for similar 
size vehicles in other E O.C AS. fleets and gives 
a final averaged-out cost per mile across all 
mileage bands. 

There's 'depot information' which is just 
as full, but analyses the vehicle costs for each of 
your depots individually 

Then there's 'individual vehicle . 
infonnatiorf A full truck by truck account of 


your outgoings in GVW sequence. 

And finally 'total expenditure data' that: 
provides overall cost figures for each vehicle 
and analyses them both by vehicle type and 
bydepot 

The advantages of the system 
are obvious. 

E O.C AS.means no more time-wasting- 
arguments with pocket calculators. : 

No more educated guesswork about . . ; 
which makes and sizes of truck aren't pulling 
their weight 

No more argy-bargy with the Board 
about what new vehicles are neededOr wherb 

Andnomorerelyingonthe trade press ' 
to tell you whether your running costs are 
running out of hand 

The people who use it. 

E O.CAS. has been operating for four : 
years now and currently boasts around 200 
subscribers: Including own-account operators . 
and haulage outfits, privately-owned 
companies arid Public Health authorities. 

On one hand, there are big names with 
large fleets, like Weetabbg International Stores 
and WH. Smith. 

And on the other there are small ones 
with a dozen trucks or less. 

Some are exclusivelyFordSomerunno 
Fords at alL 

What it costs. 

As you might guess; E O.G AS. is not a 
free service 

But; it isn't expensive either. 

For the average operator with, say 100 : 
trucks and four depots, it runs out at about lip : 
per truck per day 

Petty cash, when you think of the size of 
the investment it can manage for you and the 
savings it helps you make 

Not to mention the way it'll increase 
your popularity with the Company Secretary 

FORD TRUCKS 

For further information onEO.CA.S. ringMr. R Goodyer 
on Brentwood 253000 Extn. 2907 Or send in this coupon. 

Name 

Position 

Company 

Address 

.Tel No. ‘ ■ 

Send to Room 1/351, Ford Motor Company Limited, 

Warley Brentwood, Essex CMB 3B W. 

REGISTERED IN ENGLAND NO. 235446. REGISTER OFFICE - EAGLE WAY. BREMTV/OOD. ESSEX CTJ13 3BW ' 












* ' raww::<: r,!r,,s Sej*t« I:fer 


j COMMERCIAL VEHICLES II 


The big get bigger 


COMMERCIAL VEHICLE PRODUCTION AND REGISTRATIO^^ 

• ■ iq76Qune 1978 L '.?W£ 


By Terry Dodsworth, Motor Industry Correspondent 


; THE WORLD’S commercial including. Seddon Atkinson in "" ” — American market, particularly European groups, of which the . 

? vehicle industry is rapidlv Europe, followed by Mack PRODUCTION OF HEAVY 111 Sldcs of diesel-powered urban main ones are Volvo and Scania 

■L developing a structure in which (34,000), Ford (31,000), GM '■ -■ and .inter-urbafl" delivery (which have already tried to “J*" 

|! a few very large companies (25,000) and White (23,000). COMMERCIAL VEHICLES Vehicles. ' get together once?. Leyland “ 

dominate a dwindling number These were then followed by a • Second, • the Europeans are Vehicles, DAF (in which IH $ 

.? of second division organisations, mixed group of European and - CF MORE THAN rationalising their own industry. S3 per cent stake might prove 

$ This trend has shown a marked Japanese manufacturers — Volvo, • T « WMC .c -t arr~r ■ The. most celebrated' move on decisive in tlie furore), and f- rancu 

n acceleration in Europe in the Isuzu. Scania and Hino— who al] 15 TONNa, 19 if this front has been the crearion Chrysler (which despite the 

> last three vears with the produced abuut 20,000 of these . n a ; 1 ttte f .Bcnz ' ; 61 620 of l^ECQ.. mainly at. the mstiga- Peugeot takeover is only a * V" ^ 

in’ creation of IVECO, the pan- heavyweight uniis last year. tion of Fiat, from Fiat's own moderate-sized producer o; n . 

ii' European organisation headed These ratings bear little rela- rwl/ nam plants in Italy, UNlGw France commercial vehicles). * cnan=,L 

^ by Fiat, and the amalgamation tionship a i aii to the pattern of International Harvester 37,939 and Maeirus Deutz in Germany. Many analysts believe that Half vnr ft 


> last three years with the produced about 20,000 of these 
creation of IVECO, the pan- heavyweight uniis last year, 
ii' European organisation headed These ratings bear little rela- 
£ by Fiat, and the amalgamation tionship at ail to the pattern of 
r of Saviem and Berliet in France, fata! comm Lid a 1 vehicle nianu- 
■ It might have gone even farther factoring. When light, car- 
£• had the proposed merger be- derived vans and pickups are 


tween Volvo and Scania come added 


statistics. 


% off. But even without that — and Americans and Japanese domi- 
t there is a good chance that it nate the picture, with GM, Ford 


; distant future 


to- than Ini units. By contrast; no 


, nationals are now giving to trary break point of six tonnes 
; commercial vehicles in Eurupe. (about lbs weight at which, in 
r The Americans, despite their Europe, drivers are required to 
I overwhelming strength in the have a heavy goads licence), the 
• world car industry, are not in a Europeans, however, do a little 
j, particularly superior position in better. with Daimler-Benz 
?. commercial vehicles. Indeed, in |S6.000 units last year) and 
sheer numbers, the two Euro- IVECO ( 73.000). within range 
’ pean giants, Daimler-Benz and tJ f Ford l : .S. (107,000?, GM 
Fiat/rVECO. now lead the field (102.000). IH (77,000), and 
; world-wide among heavyweight Tovota (63.000?. 

■' « hicl ? producers. Where the ^ vhere lht Americans score 


Slack 

33,581. 

Ford 

30,946 

General Motors 

24,899 

White 

22,441 

Volvo 

20,444 

Isuzu 

19,913 

Saab-Scania 

19,892 

Hino 

18,583 

Renault Group 

16,769 

Kenworth 

16,456 

Mitsubishi 19.9 o4 

•HAN 

15.717 

Peterbilt 

11,385 

Nissan Group 

11.328 

Leyland Vehicles 

9,661 


this front. has been the crearion Chrysler (which despite the 
of !VECQ..mamly at. the tnstiga- Peugeot takeover is only a *.V ar fti; 
tion of Fiat, from Fiat's own moderate-sized producer o; „. ear h 
plants in Italy, UNlG in France commercial vehicles). ° cftan S c 

and Magirus Deutz in Germany. Many analysts believe that HaJ f year t 
What has impressed competitors further rationalisation will be ' 

about this development )* 'he necessary for some of these 

speed at which the rarionalisa- producers to stay competitive. ~ 

tion has been pushed through. The pressures against them are ° change 

A new, unified range is swiftly mounting, because of the move : — 


- ‘ ■ ’. 

Production 

- New 

registrations 

vs.- 


u^, 

Tear 3976 

2272ft- - 

3,058.3 

Year 1977 

■ 2,482.3..; 

. 3.165J 

■% increase 

+a^- 

+ 13.3 


7 mths. July 6 mths. June 

1977 

2^3- 

. . W0.9 

197S 

23® ft~; 

; .. -1^37.0 

% change 


. +1U.6 

France 



Year 197fi 

4212 

293.1 

Year 1977 

415.4 

'298.4 

n n change 

- L8 

.. + 1.8 

Half year to June 

. r 


1977 : 

225.9. - 

: 156.9 

197 s : 

22L9' ' 

'- '158.3 

% change 

- 12 

: •+ i.u 


: Nwv 

Production regikraiions 


Italy 

Year 1976 • - 

Year 1977,. ~ 
% ehauge 

Half year to June 

1977 

1978 ....... 

% change 


;H&4 

143.5 

+2ft2 





• - 77JL 

nz 

•+1.4 


-.m 

Sj-Sl*’ 


Japan 
Year 1976 
Year 1977 
% change 


2.813.7 
3.083.5 
+ 3.6 


W3L6 
1304.1 
, t .2.4 


Half year to June 

1977 

1978 

% change 


1.497.9 

1.655^ 

+1BJ 


877.0 
. 859.4- 


tion of companies, along with in the developing world, the 
an integrated system of buying increasing competition from 


parts and manufacturing com- Japan and the more efficient 


35" pouents internally. 


design and manufacturing 
?thods of the U.S. companies. 
In rhe developing world, for 


Before the development of disappearing as the old colonial 
IVECO, however, Daimler-Benz territories build up their own 
had established the base for capacity: this has already hap- 
another large European group pened to a large extent in India, 
by the takeover of Haim mag- and is beginning in Nigeria, now 


West Germany 



UK 





T?t.2 



372.0 

. k ' . 2145 

* 


313.7 


Year 1977 

386.0 

230^ 

~ ' 


— 02 

. . 4-- ft 1 

% change ...- ; 

+ 3.8 

+ -7.6 

... 

Half year to June 



l . . * s 

| Hair year to June 




1977 . .. 

166il 

■hj n 

! . 1977 

210.7 

1173 


1978 

145 JF . 

yq k 

1978 ^1/ 

' 215.9 ; 

133.7 


% change 

-113 

- +10.3 

% change 

: + 2.5 

. . +140 

tT- “ 


Henschel, which gave it an Britain's most important over- 
entree into lighter commercial seas commercial vehicle market 


* The li 
sidiaries. 


figures include 


vehicles, and. the Investment in At the same time, the Japanese 
its plant at Worth on the Rhine, have been soaking up much of 


Americans 


over both the European and 


Source: Daimler-Benz. 


depth of manufacturing exper- * ftnanp ^ orodueers is in havinc - 

i! which is spread between a J i^ong manufacturing base on ,* Red — ing followed fa ^France by the were qu j c k e r off the mark than 

S' * ,d ® ™ raher o£ companies, and a continent— the t r .S. and Sr?* and d wfad •5S2?' JP,d Berlle L’ man - v competitors, has proved a 

in their potential for expansion. H>-f-riKuH nn and Ford, . they ■ P*ye: which has created^ group with strikin'* exam ole of 

‘ Thp rrs t-r-jtr-L- Europe and good distribution. fllrMdv established Baropeu af iia^ivmii ..nin . Mn “ example oi mis. 


which applied automation on a jhe new demand which has 
totally new scale to hea\T corae along. The Middle East. 


thc;r rivals :o remain competi- Where the Swedes are weak very quickly.. This year t it has 
the. The third alternative, most is in nut having a wider range up overall iD^'Wesl Ger- 
successfully followed by the -of- products extending down the. many -and the UK.'but; Ishadly 
Swedish manufacturer*, .has weight scale. But at the moment down iu:* I taly v and ; "sTqtu>; i n 
been to specialise in uiaking" their strength in the heavier France;, : and-.th^' .WfiStrGennjni. 
high • quality. - up - market Weights of 15 tonnes and over figures, mask Xhe fact thgt the 
vehicles, which have greater fs carrying them along. ;;.. :’ hea vy;" vehicle has 7>ee □ 


vehicle production,. This 


The U.S. has five heavy truck 


aiready established' European a capacity Of abbot *17,000 units 


competing 


companies do not have niachr or so because of the emergence this ' year, risfng by another 
alternative fn this approach .of new products from most of 30.060 to -Jd.OGff vehidek.^by: the 


production resources in Europe. 


The' European response 


ahead. 


All or these are now mobilising .f or ^ , 0 / ^ urope ‘ this American threat has been emerging as the main heavy gjg^ed by^its 1 America? parent 

their facilitipc for an aii^int (through its Bedford subsidian* . t-u.-nfn Id. FirsL some manufao- vehicle ^ nrodueer anid. fiavipm as , 


their facilities for an all-out 


twofold.. : First, some manafae- vehlcJq|piwlueer and Saviem as and ar Se ddou Atkinson, which 


assault on the heavy vehicle in lh , e a " d *** turers have hit back against the the ^in^dium wdlgHf.pWducer. h as use j tw’s test facilities 5 n 

arkeL recently developed new vrfncles A „„ie«iu in their home mar- The question now is whether SS, jj 'gl if 

m the shape of the .ford Trans- keL Dain.iep.Benz now dis- there wiU be much further inte- „hjd e °°This hMr-cZttienml 

trugglp ™ nl ^!J tal '?:P. Be,1£o ^ a[ld tributes its vehicles widely sretion in Europe. In Germany, ^aie o/ cXcaSonTs ^^™ 

'llUgglC . the.Seddon Atonson 400 Senes, throughout the Eastern, states for instance, there Is -a possi- SSVS SSmtartiw SSS5 

Within the heavyweight sec- 111 ,'\ ould an er ®° stronger of the u.s. (using a truck made bility that MAW; the heavy on t j, e European to reduce costs, 

r, the figures show that the P os “ ion __ lf t “ e production of j n if,. South American plants), vehicle - manufacturer, and c nmo finmnaniee am aphiawina 


market 


THE UK 


Struggle 


tor. the figures show that the posmon if die production of in lts South American plants), vehicle * manufacturer, and Some companies are achieving i J C J I 71 .'l.li 1 Vxl i'l l / LLLL/l 1- • - 

struggle among the leading °AF in Holland in which it has ^ jvecO has followed. At Volkswagen- win dome com- these co « ^reduction? bvbSnl W A. 

manufacturers is as yet fairly a .. 33 P er 126111 steke, were also t j, e game time, - Volvo-, the pletely together following their more proprietary parts such as - 

concentrated. World production taken into account, but it is not Swedish manufacturer, has decision to collaborate on a engines, gearbnxes and axles • • 

of vehicles over 15 tonnes came at c,ear what “ e u .- co “' established anothersolid bridge- light truck In- the ; 5-14 toones from specialist suppl ! ers But to’ J ’“% ■ ■ ■ ■' ■ ‘ ' 

to about 480,000 units last year, P a “y mt6n ds to do with this headj - asa j n in the eastern range, designed to eftend VWs a certain degree this brings O O T ' O 1^’ O /I '/XTY T 

with Daimler-Benz, including its stake so far. states: and, more recently, range into the heavier weights them closer into the net of the f Sg I ;• I I I f 1 \ A/ 

Brazilian and Argentinian None of the new vehicles has Renault Industrial Vehicles and MAN'S into the^lower. It U.S., because most of the more %/ Jl.. ' Y v . . . 

plants, making about 62,000 made an enormous impact as signed an agreement with Mack would seem logical for rhero successful proprietary groups *• ; 

units, and Fiat, including IVECO yet. Production, in all three under which the U.S. company to get together more per- are American bv origin ° THF nr , »««« -J V i ^ m. 

and its own South American cases, has been running at about will market RVTs medium- manently. Other vehicle assemblers, industry’ eaSfSSS? ' 'Sl3S t, *sSi ' ■ I > l SS^2!Sy^Jii ar * 

facilities. 41.000. In this sector, 3,000 units or fewer a year. But, weight trucks in the U.S. and In addition, there are con- such as Daimler-Rfw hatra ?__5?*L ts n ? a ^ J J nl .° t w °, on ^J vehicles ; in the same of -the country s smaller manu- 


louxztzca. aii uii.i scuui, o.uuu uuuj ur icvuri a jeaf. oui, wcigm uutivo iu UIB W-»3. auu xu auuiuuii, uicic *u.c i.uu- SUCH a» Daimler-BenZ. naV'e m9!n ,Ko B-cit vw. ' il, • r- - -T-. . — “ ~ - 

the leading American company with the new vehicles, they have Can a da.: All these producers feel, tinuing suggest ions t further rationalised ruthlessly and auto- “arin° "the * ia?e-sate tion ^‘n rte^er Ki P 5§£' 

WflC TH urifh an niltnllt nf ^ HfUl ill Haclrm^l fknU inftA fheWUifir MR ArnfAir nhne in tlin rotlnnqli«!4tir.n filhfnna A in nthtir motad .1 lar^e-SCale IlOu, jOH t fie Oilier U0QQ. WuXCll ERr • Alia • SCStOlT Den DJS— 3T8 


THE UK commercial vehicle, plant, had an average output of launched early next year. Three 

i ndlisrrv t*; noaflv ■ n turn AnH* TPAkinlAC *n tUn 'fiAnii nf . — 


was IH, With ZB output of 35.000. ail designed their way into the thatlhey chh ezpioii gups in the ratloh.lisalr.n ,nmn g fee arh« ro ,t,d more ixteasiveif lijan 

-v, ; . • - - ' . ; . — . ; r " number of specialist marui- sonejup slightly this year from S^ddon.^wned by International 

‘ * facturers with a much smaller a^wdekly average of^dTS pnfis' harvester of-vthG U.S^ virtually 



volume base. This structure, to 2,683, although this has" now doubling .output in the first six 
which has become weli- entered au -declining; tfend r as^ ^ mtmths to 101 units a week, 
entrenched since the* last war. weiL . . Because of the overall pro* 

has provided a relatively strong By far. .the most encouraging duction problem, however, the 
base for the industry in the UK. performance iix the British ip.- UK manufacturers have been 
British manufacturers generally duslry so far this year has been losing ; markets steadily in 
make more commercial vehicles Bedford's, the Vauxhall sub- Britain this year. While , sales 
than producers in any other sidiary. which has lifted output have gone up by 14 per cent 
European country, .except the by 23.5 per cent to" a weekly in the first seven months 4to 
French from time to time. They average of 2,417 units; Tiis im- 147,Sfil units), their- market 
have also delivered steady prevement is based on expand- ■ share bias dropped ^frpia. 85 per 
profits and developed a flourish- Ing sales of both its CE . van, cent to - a . little under 79 per 
ing export trade. and the heavy TM -range -of. cehL'Iitthe-hea^-ier eatisgory of 

Within the last three years, trucks, which has -been intro- trucks over. 2S tons, importers 
however, several questions hare duced progressively over the ; now have more thah.50 per 
been raised ab»ui the long-term last three years. Double shift- c^nt, and for Tebicles of 1 ^2 tons 
future of the British companies. has started in most of the and over the proportion is even 
In 1975. the UK Government had enmpany's. . commercial vehicle higher. Just as significantly, 
to go to the aid of Fodens. the plantstfor'the first time in many import penetration has been 
Cheshire-based specialist, after years;' and -there are signs that- moving up in idarly every 


is now resolved, bui this year General Motors' outlets. ' we is ht trucks. •; . ...f’- - 7 r - 

it has been foliowed by mcress- Chrysler> production is also . Tbe UK ..^.mapufteturers' 
ins evidence nf a decline in per- picking up— —from an average problems have .V ; bdfSi .extfeer- 
formance at Leyland Vehicles, weekly- rale of 334 units a week bated by the ' jfadf >thaf truck 

which has led to a larce slump last year to 362 In the first six markets in Europe" have been 

in profitability. At the ^ame months— ohd shoutil . receive fairly • stagnant ’.thin . year, 

time, Chrysler UK’s truck in- another, boost when : its hew .Continental producers • have 

terests are now hound up m range of,' light vehicles is seen the opportnuityinthe one 
tbe bid made for the American- . * CONTINUED ON PAGE VI - - 




tbe bid made for the American- . * CONTINUED ON PAGE VI - . . 

owned company by France's .-7..- • •: - . V*- - * ■■ • . i' • ' 

Peugeot-Citmen group. If the — — rr ■ r ' j'. - '"..i"' " 

CDU,d we - !i REGISTRATIONS OF NEW COMMERCIAL VEft&LES 


mean changes in the company’s 
business. 


IN THE U . BY MANUFACTURER 


Ybu know how much rear-end damage is costing you. 
Now the underider win change all that 


Profit 


F - 




Last year rear-end damage to lorries, 
trade* and trailers, cost industry vast amounts 
of money And it will cost more in the Future 
when intended legislation demands immediate 
repair of rear-end damage to the' under-run' bar. 

That’s one reason a new Quinton HazeH 
invention, the Underider, is so important: itwill 
reduce rear-erd damage costs: : 

V\te sav’one reasonf because theUndaider 
wffl accomplish somahing greater it win 
save fives. 

Here’s how it vrarks 

Ahsorbsthe impact of the crash. 

The underider is sited at the rear of 

the vehicle in place of the traditional rigid 
tinder-run' tar. 

The gr eat tTob^iv^ this noi^ bar is that lt^ngid • 

In a reversing mishap, even at low speeds it does nothing to prevent 
damage. - 

The Underider, on the other hand, is not rigid, it retracts or 'gives' on 
impact it doesn't retract ail at once however 

The Underider works on hydraulic prindDfes which means that It 
retracts progressively, graduate absorbing the energy of the coWsioa 

Andafterv.'ards. bght spnngs ensure tfiarthe urn resets imts . 
ongirei position. 

\A,'hat it means for industry i r 3 potenriail ,' r&3uctic^ in . - 

Hkigebox .. 

:c si 

,-enc^ am aruK-cns .-i : ^r.tic inn.Kiuai 
iti jruOTJw. 


;.V- j 


'sr- -i;;: 


M MpMi rgir »( 



weight 

ThJ I'nawtW .W? -r.'V • 

w?i»n oemev i<i'w.ii': ■: 

arr. ICTBWW rawvffJW, 'Jari CTu> ~ 


Whatitmeans forroadsaffity is this: 

' iFthednv'erofaonetwnecaPhitsthengid 
bar of a lorry at 30 mpr. he will probafaiv die 
Even if he is wearin 3 a seat belt And vour true 1 : 
wfll be off the read. "j'-r . 

If ^ie driver cf rhesame car hits the 
Underider st the -am* seeed- he will probably 
sur^a And tbe u-i^^nghs off the road 
Aboutthe cost of a tyre. 

‘Aeve 5=e*i -.-/hatthe Ur, derider v.mi m^an 
foe the ever/aa / niaiyiffst V/hat wlT it mean for 
S' thein'dirsm? 

if \x.v build credit vehicies it -aiII gr.® 
your5a!esmen an riipartant^ing tocla 

realpius.: . . . 

- if vdu ooe vewies it will save you 

dcwn-time.No qu^t^.^vifb'thepea's efi z^no t^yino turnings arid . 
low ViOlls the Underider s a godsend. ' . ’ 

If you rea <3nver it will gwe-vdu that irnbr^rrSTf&t ^ tensitivic.* when 
reversing. If you dc hitsomeriilng^tKUridQridcr vMK\w Know, and you 
canstopbeforethere’sanycfenTaga • 

The Underider aehievssaii the. vet costs liwemoreth^iatr^e, 
imposes nc sax-us waght panalties, and is very e^^fflxed toalmcst 
anyveliitle." - 

One r'ufciier reason to seriousKrconsider theUa^srid 1 ®' fetfiatthe- 
l*vreg^'iP5rear-eridpf0te:tton of he^m^ictefettef/techange. - 
.- „■ if current recaf irrienoahons are oassao as i^ysand irssems certain 
thgtaie/wil W-thsn. Hie rig:?: bar will no fonder o-jrasM The UndSTicter 
on the other hand, will tie 

But why wait tin then to save money vehicles and teas. 


an^« 

r.>J. 


C*jiri’on hisMii ^vKrrotiv? Ltd Has-i 
Fa r muti :•« mestcr-. '.'vsr.'.-i^.sfur^/.'-o t-:.v - 

TeKsh^n? : twvr.cTT''?,' :i> '.w’.' ^ ■ rr-ir 


Crossbeam 

fc»;aniTi<-.-,>r — .t r- 

* '“-wiKDi’Wtr-w.-i:: 1 -: > 
fjffanytn ,n GC-li* U 'U*i 


-yr rti-j- Sunn >.r . r-n r • f Cc -ir-' r ' L f 
Sac pii unp-:: 1 \h 1 . -i - 




oiaoi-; wrter ir.wo. 


Pivoting drop arms 

^ . cjrttrc^a.wwraocn cv-ran 
averts: jizn :iii uu-ira,«t 



These problems have cast a 
shadow over the commercial 
vehicle sector at a time when 
fortunes ought to he reviving. 
The market in Britain this yeiTr 
has gone up substantially, pro- 
viding good profit opportunities 
after a long spell in which heavy 
discounts have prevailed. Yet, 
despite these buoyant condi- 
tions, the UK producers have 
raised production only slightly. 
In the period to July, product 
tion went up by only 2 per cent 
on the same period last year, 
against a H per cent increase 
in the UK market. Looking at 
longer term trends, output has 
fallen by S per cent in the last 
quarter compared with tbe 
previous three months. 

The statistics indicate that the 
main problems have been 
encountered at Leyland Vehicles 
(BL’s heavy commercial vehicle 
division? and Ford. According 
to figures produced by the 
Society of Motor Manufacturers 
and .Traders, Ley land’s produc- 
tion has fallen from a weekly 
average of 689 units to 584 
comparing the first six months 
, or this year with 1977. Ford's 
went down from 2,952 to 2,615 
in the same period. 

Ford’s problems, which were 
caused by labour disputes affcct- 
' m 3 output of its Transit van, 
along with production diffi- 
culties associated with the 
introduction of the new vehicle, 
now appear to have been over- 
come. Its weekly average output 
in June amounted to 3,419 units, 
well above its average in 1977. 
But Leyland. which has suffered 
a long closure of its Bathgate , 


August 


Total - 

8 months ended 
- s August : 

7 ' 1978 . : 1977 


BRITISH 
Bedford - 
BL Cars 

Leyland Vehlcl es 


^4,64fr 

5,069 

1,399 


4,095 23429 'iW95 
4,645 33,849 28^28 

1,319 9464 9,543 . 


Chrysler 

. 1A28 ' 

: 919 

8384 • 

7,048 

Ford 

. 9<S93 

6,058 

52,687 - 

47,131 

Hestair Dennis 

29 

7 

226 

.198 

EBP/-;;’;. - 

' '. ‘"228 

199 

1,700 

L2S9 

Fodenr .. 

148 

: 116 

821 ' 

:;767 

Seddon Atkinson 

-...I'-' 343. 

265 

2,407 

.2*126 

VoIVO; 

— - 

- — -• 



Others', r . - - 

: V. .'■ ..78 ■ 

75 

526 

>;46L 


Total Britis h 
IMPORTED 
Daf (Holland) 

Ford CHoliand) 

Chrysler (tfranee) . 
Citroen :<Francc) 

Flat (Fitfacc) 

Peugeot (Ffdnce) 

Renault ((France). 

MAN ^Germany) 

Maginffl-Denli (Germany) 
Mercedes-Benz (Germany) 

Opel(Germany) 
VolKsitegen (Germany) 
Fiat (Italy): ; . 

D aihatm t (Japan) - 
D3tsacr i?apan) . 

Honda X&paii) . 

Mazda (Jkpaii) 
T6ydta-(»in). 

Polski-ftat^eland) 
RomaivICRuma^u.) - . . • 
Chrysler "(Spain) 

Ford. (Spain) 

Scania. (Sweden) 

Volvo- (Sweden) r " 

Jeep (UiSJ 

Others •> ' 

Total imported ; . 

GRAND tOT4L , - - 

Source: SBBUfT..’-- 


22,601 17,698 139,093 127.796 


163 

-2t •“ 

402 

1 

35. 
171 ■ 
240 
_45 
109 
435 : 

.718 
422 J 
..404 . 
1,081. 
...581 

77 r ' 
900' 

.. > 1 
2-16 
-707 
•i:192 
-‘350 
* 25- 
2 30 
"7.182 


■ 1 . 1 2s> : : 

i7»- •; 
2,772' 

■ 18__ : 

627 • 


r 90B - .. 

■ 204 
2417: 
> • 55 

"59.: 

iofi 


249 “X426 
30 247 ■: 199 


.45; . 

.531 

; 263. 

293- 

2,673 

2,033 

-6 

y;;~zr- 

:*r->=r7.> 

>■' 7Sf 

■ 5,413-3, 713.: 

: 3S1 

2,521 

1^47 

. — '■ ' 

362 

. 

...631 

5.666 

2J>24.. 

.384. 

2^31 

" 1,796. 

196 

1^825, 

1,01L. 

464 ; 

4^29 


• • — .• 

120 

:z 

17. ^ 

23 

j .144,; 

"5 

■ 105 

- 60; 

- — ^-• 

2,366/ 

J;' • 

95 

984 

'589- 

293 . 

2,641 

ljS67 


' -96 .7 

- ■' •- — • 




" 197 
38,551 


.783 • 22^55 , X7.7.644-I5L757 








0- 1 have always bought chassis vans. Why change to 
frameless construction? 

A. The frameless van gives you more cube and more 
payload. 

Q. But surely you lose rigidity and strength when you leave 
out a chassis? . ; 

A. On the. contrary the Freightmaster's monocoque 
construction is amazingly tough. It's the same principle .as an. 
aircraft's fuselage. Inherent strength without weight. 

0- But the floor must be weaker, mustn’t it? 

A. We put our T beam cross-members at 12" centres. 

You can run a loaded fork-lift the length of the van. 

Q. Do you save weight by using thin aluminium in the 
sidewalls?, / 

A. No. We use thicker panels than normal for extra cargo 
protection. 



0- How about protection from the elements? And pilferers? 
A. The Freightmaster is watertight. The drum-tight, one 
piece aluminium roof has all its rivets outside the cargo area. 

‘ The doors are the same as those used on ocean-going 
ave ; containers and we use special double seals. And the 

.patented raised rear header not only allows you to load up 
to the full height of the van, but it also incorporates a rain 
as an ‘ channel to force water away from the doors. 

Q. What protection do I get? 

A. We guarantee the Freightmaster for materials and 
workmanship for 12 months. 

Q. What about after that? 

A. York have 12 factory branches in the U.K. and a European 
network that is the envy of the industry , 

fo Q. Talking about the EEC, does your van conform to all the 

regs? 

A. Yes. We’ve been in Europe for 16 years. And, thinking 
ahead, the current Freightmaster is designed for 44 tonnes 
operation, 

0- How long can I expect my van to last? 

A. We built the country's first frameless semi-trailer van 
in 1959. It's still hard at work. 

Q. How well does your van hold its value? 

A.Lookatthe used-trailer ads .. 

Q. What’s this Hobo axle? 

Aj. It’s unique. And a genuine fuel and tyre saver. Basically 
it’s a lifting axle which converts your tandem to a single 
when you're running half laden or empty. It’s an option you 
can get only from York. 

0- Surely I can buy a cheaper van from someone else? 

A. Yes, but you get what you pay for. It’s always been York’s 
policy to build up to a specification and not.down to a.price. 

Q. Fair point but how long would I have to 
wait for delivery? 

A At the moment we can supply standard 
vans from stock. 

Q. Where do I place my order? 

A. York Trailer Company Limited, 
Northallerton, North Yorkshire. 

Telephone: Northallerton 3155. Telex: 58600. 

FREIGHTMASTER 














18 


Financial Times Monday 


COMMERCIAL VEHICLES IV 


FRANCE 








ales fla 



in a 




- /iff 


£ r J* 

I 

^ * 


l£ 


ll. FRANCOIS ZANNOTTI is 
"ji the frustrating position of 
£ie man who has turned up 
i'w early for a train which is 
4 inning very late. One day a 
fortnight ago M. Zannotti. the 
j'hairman of the vehicle? sub- 
sidiary of the state-owned 
Renault Motor Company, stood 
l 5 t the saluting base near the 
iampany’s works at Lyon under 
.i hot late-sutnmer sun and 
p atched a parade of 4S vehicles 
Uepresentins the modernised 
fcnd redesigned range of Berliet 
l nd Saviem trucks and buses. 

E The new ranges, for the most 
■ art medium and heavy vehicles, 
-epresented the first fruits of 
: he merger of Berliet and 
javiem. With the maximum of 
■ommonalty of parts, comple- 
te ntary in range, but main- 
taining the disrinet identity 1, of 
fhe two marques, the vehicles 
i n parade indicated that 
tenault Vehicules Industrie!* 

• ow had products to launch it 
; n its mission to reconquer the 
oraestic market and carrying 
i.he French flag into export 
’ oarkets. 

When next year the company 
Mnveils its F range — small 
delivery vehicles and vans— the 
irocess of renewal of its models 
•\\W be largely completed. 

’ But while RVI put on a brave 
I how under the sun. it was clear 
( hat M. Zannnttfs mnnd was 
! .nything but sunny. For Renault 
[ s labouring under a recession 
i.vhich has pushed sales back 
,‘o the level they were 10 years 
; ; igo. Earlier this year it was 
i wssible to claim that at least 
; iart of the lack of investment 
' v&s due to wait-and-see atti- 
udes amonc hauliers in the 


period before fhe election. • But 
the election has heen held and 
won for the conservatives and 
still there »- no sign of a 
recovery. 

The market for vehicles of 
inure than five tonnes has fallen 
hy a quarter over the three 
years. In 1976 the market was 
10 per cent d r *wri on that of the 
previous year. In 1977 there 
was a further decline of 6 per 
cent in registrations. In the 
first seven months of 1978 
registrations were running at 73 
per cent below their 1977 level. 

Prices have suffered. A fero- 
cious discount war unleashed 
by importers .-aw up to 40 per 
cent heing knocked off prices 
around the end nf last year and 
average discounts of 25 to 30 
per cent hem- offered. While 
this kept work in the factories 
it represented a haemorrhage 
of rash which caused RVI to 
pull nut of the war at the risk 
of losing market share. Even 
now. with the worst nf the 
price-cutting over. M. Zannotti 
reckons that prices are still 
some 17 per cent below their 
“ pre-war " level. 

The state of ihe market has 
been a scrinu' blow for RVI. 
It ha? on ilj hand a FFr 5bn 
invest mem programme to 
modernise it- range, installa- 
tions and commercial network, 
and strong sales were required 
to provide the cash flow to 
maintain the momentum of the 
programme. The depression m 
the market has caused the pro- 
gramme ro be stretched nut, 
though what M. Zannotti calls 
“hard core" investments in 
new plant and equipment have 
been carried out cm schedule. 


The parent company. Regie 
Renault, has also maintained its 
programme of capital support 
for its subsidiary of subscribing 
FFr 1.4bn nf new capita! to RVI 
over five years. 

Last year . RVI turned in 
losses of some FFr 250m. So 
far this year losses are running 
ai more severe levels, which 
means that operating losses are 

probably very substantial indeed, 

since last ’year’s deficit was 
exacerbated by the separation 
money paid to workers to take 
early retirement. All told some 
1,600 workers are in the pro- 
cess of being shed, and M. 
Zannotti’s remarks about the 
need to be able to adjust man- 
ning levels to the size required 
to fulfil market demand leaves- 
tittle doubt that mure is to 
come. The company is carrying 
stocks of 10,000 vehicles. 

If RVI is unfortunate in 
having to launch new models 
on to an "nreceptive market, 
the same problem of lack of 
market buoyancy has made it 
unable to profit from the 
Government's decision to re- 
store to the industry freedom 

sot its own prices within the 
limits of “non-abuse of 
freedom.’* Commercial vehicles 
were one nf the first sectors Id 
be liberalised, but the 5 per 


rent increase RVI imposed is. a 
meagre compensation for the 
loss of income caused, above all. 
by the refusal of successive 
governments to permit com- 
panies to reduce their labour 
force in line with production. 

The requirement to hoard 
labour was one of the reasons 
for the downfall of the exca- 
vation equipment manufacturer 
PocJain: it is one of the reasons 
for ihe crisis in the French 
steel industry; and on a more 
minor scale the tardiness with 
which the Government finally 
permitted a minor compression 
of the workforce alTtVI effec- 
tively circumscribed the ability 
of management to respond 
quickly to changed- market, con- 
ditions. 

While the restoration of price 
freedom has caught the head- 
lines, for many companies a 
more pertinent test of the Gov- 
ernment's new policy of 
economic liberalism or non- 
dirigisme will be the freedom 
to adjust the size of the work- 
force. 

If the home market has been 
disastrous, the export market 
has been little better. Exports 
provide around a third of the 
FFrSbn turnover .of ‘ the RVI 
group but an uncomfortable 
proportion of the sales have 


been in politically sensitive 
markets, particularly in North 
Africa. The company hopes that 
the new range will enable it to 
challenge more, effectively with- 
in Europe: although it is hoping 
that it will carry off a substan- 
tial contract now being awarded 
to develop ' commercial, vehicle 
manufacture in Algeria. 

On the export front RVI is 
one of the French companies 
which feels the urgency of 
establishing a presence on the 
American market (which, in 
fact, represents almost a third 
of the world market for com- 
mercial vehicles). To this end 
it has signed an outline agree- 
ment under which Mack of the 
L'.S- will market Renault 
medium range diesel trucks in 
North America. If the accord 
can be hardened up and if 
American investors are con-' 
rinced by the long-term argu- 
ments in favour of diesel, this 
agreement could increase signi- 
ficantly the volume at RVI 
factories in' France. 

The planned acquisition by 
Peugeot-Citroen of the 
European manufacturing and 
commercial interests of 
Chrysler has brought a new 
factor into the French com- 
mercial vehicle market. 

All the French companies 


have had a solid presence in of more than 6 tonnes. It is aJ$o 
the market for urban delivery one of the roost competitive 
vehicles, ranging from small, sectors with RVI. ' 

Fourgonettes (a Deux Chevaux; Mercedes-Benz and IVEw ail 
or Renault 4 with a van con- present. . 

figuration i to larger grocery A' second important 
vans of up to 5 tonnes. But up segment is for vehicles railing 
to now RVI has been the only -within rh** regulations which lay 
French representative .. in' the down -a maximum of 13 tonnes 
heavier end of. the marker with rear axle weight and 6 tonnes 

the exception -of UN1C. the Front axfc weishM tonnes all 
French subsidiary of Fiat, told) for a four-wheeled lorry, 
which manufactures in France. The Held is slightly thinner nere 
Peugeot will now be acquiring bat the competition nonetheless 
Chrysler’s Dodge . operations, severe. 

based in Spain and the UjKl.lt Finally there is the sector of 
is far too early to know whether, vehicles of two. three or four, 
Peugeot intends to develop all tonnes for in*™ distribution, 
the operations it has inherited which the French companies 
from Chrysler, and -since the fight for among themselves, 
commercial vehicles operations Renault is at a distinct disad- 
are broadly profitable there is vantage here - with a range 
no pressure on the French com- averaging some 15 years of age. 
pany to make up its mind. How- but it is precisely here that it is 
ever, it would be strange if investing some FFr lbn to 
there were not at least co aver- -produce its F range, which 
satinns between Renault and should be unveiled in around a 
Peugeot at some stage about the a year from now. 
likely evolution of their respec- At all events, given France's 
tive businesses. rapid urbanisation over the past 

The maximum authorised two decades (in 1958, when 
weight of vehicles on French Die Gaulle came back into 
roads (lorry plus trailer) is.38 power, more than 25 per cent 
tome*, and it is in this category of- the active population were 
that the market has grown the oi)“ the land, now there are 
most substantially since .It Fewer than 7 per cent), it is 
accounts for around a quarter: this -sector, and the related one 
by volume of sales of vehicles of - urban transport which is 


usually singled out as being set 
for considerable expansion. --The 
top end of the . range, because 
of the expansion of transcontin- 
ental. 'transport, (you rati: *et 
practically from Amsterdam' to"' 
Barcelona without . : leaving 
motorways), is also regarded as' 
being . promising in: the long:' 


run. 


Over the firsi .six months; of 
this year registrations of -trucks 
of. over six tonnes showed. 
Renault with 48 per cent. of the, 
market. IVECO . with some 20 
per cent (of 'which approaching 
two-thirds, was UNIC. .vehicles 
produced In France), Mercedes- 
Benz with 15 per cent and Volvo 
with 7 per cent. 

At the moment these." -manu- 
facturers are scrabbling over a 
declining market if, when -the 
market finally recovers (and 
provided the , French. Gosern- 
menf permits the necessary ad- 
justments of manpower to. mar- 
ket needs) Renault does not 
find itself making inroads 
against the importers- at home 
and diversifying its markets 
overseas there will b e some 
very anguished reappraisal to 
be made by' both Government 
and industry. 


David Currv 


WEST GERMANY 



Detroit originally used steel forgings for 
this type of component. They now use 
Ley’s “Lemax” 45:2 heat treated Pearlitic 
malleable iron castings. 

“Lemax" has immense mechanical 
strength and can be flame or induction 
hardened. 

But what really impressed Detroit 
was that the casting’s performance matched 
that of the forging; and that meant money 
saved on the process and material costs. 

“Lemax" is only one of Ley’s range of 
malleables which could make a big difference' 
to your product design concept. 

So contact Ley’s to discover more 
about their high-quality castings. 

Detroit did. And they’ve not regretted it. 



Ley's Malleable Castings Company Limited, Derby DE3 8LY.Engl 0 nd. 
Tel: Derby (0332) 45671 Telex: 37575 Leyewt-G Derb*. 

Re$d TrcdeMort: HIocl- Haer*. Iry j.'lrpar: Irmo*; lyducll 


Sharp fall in export orders 


AFTER TWO years of almost industry suffers in third markets industry, it was perhaps no including the home market— .ear production. The chairman. Meanwhile. MAN is also now 
uninterrupted boom, which where the prices of competitors more so than the policy which which dominates the immediate Herr Joachim ZahrL nonetheless set to strengthen" its position^ 
began with the West German are denominated either in Daimler-Benz, the giant of the thinking of the West German warned the company’s annual The company, which is a sub-, 
economy's recovery from reces- dollars or in currencies that commercial vehicles sector, manufacturers. The last decade, meeting at the end of June that sidiary of the big mechanical 
sion in 1975. the commercial have appreciated less against has been quietly following for has seen extensive ratio nalisa- with over-capacity and weak engineering and machinery 
vehicle industry has found itself the dollar than the 0-Mark has a good many years. The com- tion in the industry, with a good demand, competition ' would group Gutehoffnungsbflfte, has 
coming down to earth during done. pany now has truck-manufac- many smaller companies either become still keener. . This year, received the go-ahead from the 

the current year. During the Some of these difficulties have turing plants in Argentina, finding themselves absorbed he ' made clear, Daimler-Benz federal cartel office for a co- 
first seven months of 1973, b een masked during the past Brazil, Spain, Yugoslavia. Tur- into the larger groups or turn^ will be doing well if it can operation agreement with 
according to statistics put out by year or two by the success which ke >'* fr* 11 ^ South Africa, ing to special purpose vehicles defend a world-wide production Volkswagen for joint develop-, 
the motor industry trade German builders of trucks, with assembly plants in nearly built on a relatively small scale, that came to just under 250.000 meat and production of a new 
association Verband der "Auto- buses and other utility vehicles 30 other countries. For the future, no one doubts utility vehicles of all kinds in series of trucks in the 6-9 tonne 

mobiJindustrie (VDA). com- managed to win in opening up On a somewhat smaller t«®t competition !s going to 1977. range, where . neither company, 

mercia! vehicle production was new markets. Most noticeable scale, Maschinen-Fabrik Augs- oecome increasingly tough in While Daimler-Benz is un- at present competes with either 
down by 7 per cent from the was their drive to sell in the burg— Nuraberg (MAN), has Western Europe and that only likely to be directly challenged Daimler-Benz or IVECO. It is 
same period of 1977. From a Middle East in the years ira- assembly plants in South “O** commercial vehicle -by any .of its West German com- too soon to predict what may 
total of 1 Sl. 930 units, it fell in mediately following the steep Africa and Australia as well as builders that nave modernised petit o-s for primacy of place; it come of this deal, but many 
the January-Juty period to oil price rises of 1973 and 1974. a 30 per cent stake in a manu- “ eir P Jaa1 ’ rationalised their. --has cot been alone in looking observers are already anticipate 

16S 600 m xi_ _ «. ->*■ _ i - . 7113 PT 371(1 nllllf llXl f II R I TV #/»!■ fn' rineura ilv flittiro 1 1 *_ - 


year. 


escorts «o a lone wav towards ali K any other industry in a group to undertake a joint Daimler-Benz. , which is mechanical engineering eon- market Volkswagen, the mar- 
exolaininc this somewhat major oil-consuming country to venture with Algeria for the Europe's biggest producer of eern. has pooled its commercial ket leader in the passenger car 

'tbruot chance in circumstances the new opportunities that establishment of an entire, utility vehicles, has long been vehicle interests with Fiat in market has for several years 

For the first five months nf J97S were opened up by the combina- 30,000 units a year truck and preparing itself to .defend its Industriar V ehicles Corporation been offering a series of vans 

fthp last nerind fnr which full tion of suddenly increased bus industry. market shore and its com- or IVECO, -in which it has 20 and pick-up trucks, but its weU- 

data been nuhlishedi shin- wealth and a hearty appetite _ petitivity through an extensive per cent with the Italian giant known interest in diversifying 

ment* abroad of rn.nmercikl for capital equipment on the ReSIlOn^P programme of plant modernise- holding the. remainder. Total. -Its product range further sug- 

vehicles were ronnine ?> oeJ P art of Middle govern- tion and adaptation. . This sales ofthe-joim venture; which -gests that it is interested in b£- 

iiiLiLa werL i uimiiig ^ pvr ments T hp West Germans were In all, overseas production includes, at the Bremen works, has its headquarters in the coming a fully-fledged competi- 


' inS nt helped, no doubt, by their probably represents between a for example, the ability to Netherlands, reached 109,000 tor in the heavy end of the 

a-- thi reputation for building vehicles fifth and a quarter of the West switch From light commercial units in 1977. with first-half re- businessToo. 

isii. mere was no sign, use , h enough to stand ^ t0 Gerraan commercial vehicle vehicle building to passenger suits indicating some slowdown ■ 

.* sIEninr- ■ . . . _ ... «-■ li'-.A I. i/vrn 


xm \ wnuUfUi suaMKk LMi IV ucrijudii uumuici i.iai »vmvu. ' _ * " 7 — — r 

VDA reported, of an> s^nfic^ har(J uSe oD roads— an builders' output this year. They the West European market— in 1978, 
n' h LS advantage that, for customera see it as the inevitable response 
5i! e i2«i2«hM hiin fortiinat* wfto couJd afford ^ plainly out- to the combination of a dear 
io 'S triSl wei ® hed lhe ' P rire D-mark and an ever-rising rela- 


Adrian Dicks 



6 9 


f O ags 

k il I 


Besides achieving important ^ ve wag . e c ° st 


orders from the public sector .. uhu ., ou , that thp 

export successes In the Middle Prospect is. therefore that the 


notably the armed forces), as >■■ uic t« i no k 

the East, the West German utility Germans will continue i to ioob 


ITALY 


well as from the boom in 
construction sector. 


Climb 


vehicle builders responded to for opportunities w 

the 1974-75 recession with ass em ^' e vehicles t . 

increased sales efforts in other Germany itself, and ■ 

relatively new markets, such relative share °*- . *** m, 

as Eastern Europe and the non- 10 domestic pr d record 
No factor has carried greater oil producing developing achieved in 

weight in this turn in the countries, home of this new ratio or wo-w-u e 
ndustry’s fonuncs than the business, including the OPEC _ TCpr the 

steady climb in the external counines. has turned out to Meanwhile. ImmvnK ine 
value of the Demschemark. be sporadic, so that the lower North Amencan marKet is 
Because West German industry levels of export orders during becoming an increas ngiy anra^ 
as a whole has historically *he current year are in part tive one for utiUty vemcie 
weathered successive revalua- du e t0 the fact that lhe ***? builders, no less than for west 
tinns rather better than it ex- large contracts won two or German private car masers.. 


.1 -- • 

• * 'S 

-r>_ ' 








;>r; 








r ueuer man U ex- - “ r , * u » nnk takpn 

pected to at the time, it has three years ago are now run- Daimler-Bera has not omy tasen 


m 



V'‘.v.v?y:; 


r- i t: 


He Lieu xd ai me time, u nas * V. ' . — Jtt osIps and 

often been assumed abroad that nmg down and have not : been steps to stiengthenite sai^ana , 

it would have no trouble doing foHowed up. industn’, spare parts networks Dutnas .. : V.- . V: ;14 

so again. Yet the continuing others in West Germany, also perhaps given a hint or . . :*■ 

^ e (?s;^rir'^ss ^ cok tf ^ ^ repre . 

the D-Mark than it was two of customer. 0 f very heavy trucks and earth sent for Italy perhaps the first 36 per <*nr of the Italian domes- ; and stable level of growth dufc£ 




ears ago. has began to have a In the meantime the German movers. Few observers floubt ^yrtawo, in Enropean_ indus- V 1 *' »». 


.‘mis agu. n«*a uegun iu nave a in me weauLime me Vjerman 7 pl.„ m -u a «vi ormio Si * . . Ia«r ooastnMlIino mtir 1 ■ ° 

demonstrable and serious effect manufacturers are also work- that 'SSSne carefulfy at OTal inIe g rat, P n - Wlth 0* e commer^al vebitfes or u^ D er T? ^ ^ Is proposing- tor 

nn *t j. — » i>ii\\ be looking careiuuy creat j on three vmk aon Loimneraai vemcies, or u per . 11 , 1 .: 


on West German expon compe- ing to strengthen their direct will — itaaif ' i *' tav,uu 

ma'rfcets. other opottunidesw build itself jygeo, „ r 


tivity. The problem is less one presence in overseas marsets. ouiti North Amerl- u * 

of direct exports by the com- If Volkswagen’s decisionl to a foothold in. then . -Vehicles Corporation 

mercial vehicle industry to the manufacture cars in the U 
U.S. market: it is more a matter market was a momentous one 
nf the disadvantage which the for the West Gerraan motor 



.S. can continent. ., together Fiat's truck interests amount^to 21 snm -mhioiai 1 

ne . As important as the world thQse ^ LfNlc in . France ““ou^ed^to 21,000 vehld«j 

tor wide picture is, however, it s nd Magirus Deutz in West ! h ; 5 2f£SLilS •? ur ; 



Out of all the middleweight 
trucks on the British market, 

I \ how many others have load 
, sensitive braking, front and 
V rear shock absorbers and 
' \ anti-roll bars, a luxury 
tilt cab, and either a * 
powerful 130bhp or 
153 bhp engine all as 
standard features? 


The Saviem ] Range 
9,li,l3tonners. 
Tough trucks to beat. 



; RENAULT 


s-j TRUCKS & BUSES ! 


SAVIEM0 


Germany, and with Fiat con- ^ cdrteWbtiding period - last 


and the rise in labour costs- •iii,': 
durine now a tempting to pereuad^tt 
d • la^ trade unions to tfrodertt^.'-- 





... __ ^ at , c ® n ' year. rVECCTs overall sales last vva8e claims and the polltibafe.i 

tTOlhng 80 per cent oF the year ^ 10R mi voht/.i«e- parties to recogoise thetieed h^j? 


c:-y- • 


■- '"''y-Jk 


the first effectively European « V ~ ■ 0 ' 

indu*tri al group woo x up ^ XJ5S Failed 

The logic of the operation with airdropping, its presence * 

forms part of the long-term on the 'Ptendi market declined Although previous o)ece^n&^^ 
pohey of the Fiat group. Italy s to 13.2 per cent Jo Germany, attempts to introduce" 

largest pnvate en ’ e ri )r ^ e - too. where market penetralion reforms have faded there *-4rS3£ 

whose turnover is esqpected this reached cent last year,. sighs that- the' Goviirninen^^w 2 ^ 

Tr SSS£- 








5C-. 5-V- S 


companjes it is essential for the ptesdnt:' difficulties of the relitive degree 
E “T° pe ? n manufacturers to commerriftlv.vebrcles sector, m a stahliitvfand 
rationalise their operations' and result;."?^ ■ — n-TT__ 


create a truly Europe™ i-aarket wfffinS "to 

themaii-lurepeae 

enterp ses. . ^nditipo;ed.lh : a. ra'rtaip extent lalwur rank and ffie so' far 

In the- U^., Fiat repeatedly by restrictive.. measures, while . neff. appear to share- 7 

ppinis out, there are six major the nece^q^afippoiting action -sentiments.^ ■ -^§2 

manufacturers for a domestic from the h^tfiorities haa .yef to «. . ' .-U: 

annual market demand -of about take solicT^»pe,' 'tnihiZJSr 1 ?S, au ^® ritl ? s .' N^B 

1.4m vehicles, while in Europe in rtaW'^- jGoverhmpKt 4^.:- aiontti..; : fheitsfe 

there are =s taany „ 30 mS gSSSSg?E 

facturers for an annual Euro- ami * ".W®# 


lacturers for an annual Euro- and tratte^Ibn- eonse OJ cu s for trial put bf 


Only through 
operation and 


wiriocnaip m. uoun s discount rate. This movp 

widescale co- gramme. Ir proposesi to stimu- has sijhre been followed by 

IvU Is ra Ihrt Aiuinnmo ntran thii : 1 _ a 


Renault Trucks & Buses UK Ltd, Ashburton Road East, Trafford Park, Manchester M17 IRE.. Tcb-061-872 6855. 


, . in,e Kra tl <>n late the econoniy over the next similai reduction in thp i»nHinre 

between manufacturers can three years so -long as if can rate of > ° - the lGndm S 


European produre^ hope to secure agreemeut to inu^ce a fhanks to prime borrowers.' How- 


leading commercial 

maintain and indeed increase series of fundamental measures -ever, although ^h^ dear S monev 
their share of European and “ e ^ ea . r 

world markets. v CONTINUED' Cffl, NEXT PAGE 



V 






I 


V. 






FTnancfaT Times Monday September 25 1978 


Jyz&i 


COMMERCIAL VEHICLES V 


world presence 


/ '! iTX T* 

4 i r * v 

3 


. HZ SWEDES hare carped nut breakdown by division hut sufficient home market and both the first half. Volvo’s deliveries Finally. l a rt year the F-lfts and 
share of the world heavy Scania, which has had to “carry" Volvo and Scania export around in the over Ifl-tonne category F-12s Completed the range. This 
uck market quire oispropor- the loss-making Saab car 85 per cent of their trucks and wen* up 12.2 per cent against a year's innovation has been a 

mate to their population of operation for years, claims to buses. They have seized as their 2.7 per cent general growth. six-cylinder four-litre diesel for 

. a. Between them Volvo and have an even better jirofitability “ home ** market the Nordic bloc Volvo took 51 per cent of the city ■' transport, in 1977 Volvo 
:ab-Scania produce roughly record than that -of Volvo as a whole, where they com- Swedish market in the 16-tonne made ; 25.200 commercial 

.000 trncks a year in the trucks, AJfarfrffrMcnthe Stock- plctely dominate. But the need category and 54 per cent over vehicles, of which 20,400 were 
.. nge from 16-tonnc and up- holm business weekly which has to export has compelled hoth v> 10 tonnes. It .supplied 46 per iu the over 16-tonnc class, 
irds. Were they lo merge — a good insight into Swedish com- invest heavily in production and cent of Portuguese registrations In- the same year Scania sold 
they almost did in 1977 — pany affairs, estimated that, in- assembly units abroad and, over 16 tonnes in the first live 20,700 vehicles.* nr which about 
is would nt3ke them second eluding returns from the Volks- above all. in the servicing of months uf ]'97S and was the 18,800 were trucks. Roughly 
ly 1° Mercedes in this cate- wagen and Audi, agency for their dealers. market leader in Denmark, one-third of its production goes 

. which it holds the Swedish Bolh have concentrated on the (39 per cent). Norway (35 per to the Nordic countries and 

In its own r.sht Volvo, with franchise. Scania earned a profit European market hut both have cent} - and Belgium i2i) per another third to the rest of 
output of 20.400 trucks' in of over SKx 500m ($110tnj last penetrated other trading areas, cent). Its hijyjnst market was Europe, bui Brazil, where over 
•-. e 16-tonne range Iasi jear, year. •• Scania in South America and Britain, where Volvo sold 2.1)92 4,000.. Vehicles, were sold last 

-- nked third in Europe behind Volvo m Australia and Iran, rrucks above 16 tonnes, giving year, &• its largest single market. 

‘ ercedcs and the IVECO group r.nr| jIQPTiPP Funhcr marketing expansion is it a 16 per cent market share, Scania also has a manufacturing 

-..d sixth in the world. Scanu, _ on the way. After two years' during the iirst half. It t-laims plant ■ J in Argentina which pro- 

■ .tose income^ of just under The Volvo and Scania truck careful preparation., on the to he the market leader in duced. around 450 trucks last 

ir 4bn (5845m) from trucks makers’ confidence . in their eastern seaboard Volvo is Britain for vehicles over 20 yeari Like Volvo. Scania has a 

d buses was only slightly be- ability to develop the.; products bidding for a share uf the U.S. tonnes. gate into the EEC through its 

W Valvu's, could almost cer- and generate the cash for expan- market for distribution and After Brant. Volvo’s must Dutch - assembly operation at 

nly show- a higher sales sion is also boosted by. the belief construction trucks through its ambitious current project is rhe Zwolle, where 4.700 (rucks were 

tire in The category because that their operations conform to arrangement with Freightliner, agreement with Freighthner m produced la.sv year. Most enmpo- 

*• its specialisation in the the new approach novy emerg- while Scania has new assembly th e tt.s. For two years Volvo nents are fret gh led from Sweden 

ayiest and most expensive mg from a rather, batlercd plants in Iraq and Tanzania. has been marketing us distrihu- to Holland. 

, Swedish industry in -general. Yet despite their similarities tion trucks — produced in Ghent, The .mainstay of the Scania 

■Both the Swedish manufac- They are already making me (, nfrt accurate to. lump the Belgium — in the New York and range* comprises three basic 

rers hank on reliability, long advanced technology -products. Swedish truck makers together. Boston areas. Co-operation with diesel engines uf eight. II and 

e and good marketing dock- tailor-made instead. oLprodueed They compel' 1 intensively hnlh Freight] incr gives access for 14 litres, all available in turbo- 

ir. vh^ ir P™ ces arc generally in series and with lugb added nn their Nordic “ home " market these vehicles to some 2(H) charged versions. These engines 

leaner than roo'-e of their rivals valut*. on whicn it is. argued ant j a | )r0 ad, even more so since dealers nationwide, while the power three series, the smaller 

l they pilch their sales, in cus- Swedish industry must increas- Uie breakdown of the merger U.S. company complements its 81 and .86. (he medium-range 

ners who regard trucks as ingly concentrate. negotiations between their heavy truck range with the 111 and the heavy 141 and 146- 

■cstment rather than eon- However, the decision to go parent organisations last year, lighter Volvo vehicles, Volvo is The various wh**e!ba‘«e altema- 

mcr products. ftp are not it alone could have a cut-throat In fact the truck makers on both not marketing its long-haul tives ih ea<-h series add up to a 

the .ower pnee ranges but aspect, in Brazil, for instance, sides were among the keenest F-IOs and F-12s in the l : S. total of about 150 different 

? dual transport eonunucs of a clash is building up Between opponents of the merger models- 

r "truck' are fully turn pell- Volvo and Scania which could s ,-heme. StratPPV Scania has put much effort 

c - Wr Berl * 1 Krook. generate a Jot of bitterness. a non-Swedish observer. ^ 11 4,1 L oJ in recent years into developing 

•e-president in charge of Volvo is going ahead with a noting l he new constellations The Gothenburg company's its largest, low-re wing V8 

iuis marxeting. joint venture lo produce buses being formed by other truck marketing straiegy develops diesel, the latest edition of 

More significantly, noth and later trucks in Brazil, manufacturers in order to com- from ils so-called basic markets which was introduced last year, 

ima and tne Volvo truck where Scania already has a pete on an increasingly touch in (he Nordic bloc. Western The company believes that it 

“'at they have wholly owned factory and market, would consider it logical Europe anil thnsc overseas vnun- represents a significant advance 

lush technological and finan- supplied 40 per cent of the for the Sw<*dcs to combine tries where it has assembly in driver comfort, the high 

1 muscle tu survive on their heavy trucks sold in the country forces. Not all Swedes them- plants, such as Australia, Iran, torque developed at lower and 

n. whatever may be the fate last year. Scania has an expan- selves see it that way. The Peru and Morocco. These are broader engines speed ranges 

rne car divisions in their sion programme underway in Scania men argued during the complemented by the. " intrnduc- appreciably reducing the need 

\ -ent groups. This Is partly a Brazil hut this year the truck last year’s negotiations that a tion ” markets in West Germany, for gear changing. A truck with 

'-.tier of technical pride. The market there declined subs tan- merger and rationalisation nf Italy and the U.S.. highly double- front axles was also 

: »ineer<; have seen a steady tolly and Scania also had ihe joint product range would industrialised countries with developed Iasi year. 

: >wth in the number of trucks trouble with local unions. result in an abrupt decline in strong domestic truck indus- ~ Production during the first 

: ;d and have faith in the pro^ On the technical side the the 90 per cent share of the tries, into which Volvo is now half of 1978 was more than 

- r developments in the pipe- approach is again very similar. Nordic markets they now enjoy, trying to penetrate. It showed 11,000 trucks and buses nr 

■\ P- - Product development is a con- On the other hand the overall its new F-IOs and F-12s for the roughly the same as during the 

: 3ut they are also hacked by tinning process and both main- results so far available for the first time at Frankfurt last year, first half of last vear. Scania has 
*ir financial experts. During tain a high, standard of quality first months of 1978 indicate Us products are designed for done particularly well in Tan- 
1 pan tit ree years of recession control as an essential part or that both Swedish manufac- these markets and subsequently zania, where it sold more trucks 
- ■ Volvo truck and bus their market image. Over the lurers have been doing well in adapted for the developing in th^ first six months than 

.... .msi on has returned a consis- last five years both Volvo and competition with other truck- countries. In 1973 Volvo intro- during the whole nf last year, 

. _it 11 per cent on capital Scania have renewed their pro- makers. Thus in the 10 West duced its front-controlled N and has made a breakthrough 
. ployed tall assets except duct ranges, one of : several European countries where it series heavy-duty trucks. These j n South Korea, where 250 
-irt-term notes and cash), factors inducing an air 'otquiet sells most Volvo increased the were followed in 3975 by a new vehicles were delivered against 
ee 1969 it has been able confidence in both Gothenburg number of trucks over 16 tonnes serves of medium-sized, cah-uver- no sales at all in 1977. 

. invent some SKr l bn (S220m) and Sodertaije. before the truck delivered by 14 per cent com- engine trucks designed for , .. ... 

product development alone, business's "battle of Europe}'* pared: with a total market shnrt-haul distribution work and VV llliaiTl LfUIltOrce 

• :aab-Scania supplies no .profit.. Sweden offers a hopeles*fo in?; growth.. of 3.6 per cent during produced in the Ghent factory. i .‘ . Nordic Correspondenf 



The assembly line in the chassis works at Scania '$ Socle italje plant . 


Integrated 


CONTINUED FROM PREVIOUS PAGE 


? total transport economics of a clash is building up Between npponcnts of the merger 

r "trucks are fully compel!- Volvo and Scania which could si-heme. V 

c." says Mr. Beriil Krook. -generate a lot of bitterness. non-Swedish observer. lJl 1 a 

^-president in charge of Volvo is going ahead, with a noting Ihe new constellations The Gnlhenb 
ivos marketing. joint venture lo produce Buses being formed by other truck marketing sir. 

uore significantly. noth and lati-r trucks in Brazil. nnni l r,.-iiipui>.. in nrrinr u, •••mi. r-,.... .... „,,n„ 


i mu stic lu (survive on tneir heavy trucks sold in the country rorces. Not all Swedes them- plants, such as Ausi 

n. whatever may be the fate last year. Scania has an ex pan- selves see it that way. The Peru and Morocco, 

rhe car divisions in their sion programme underway in Scania men argued during the complemented by the 

.• 'ent groups. This is partly^ a Brazil hut this year 'the truck last year’s negotiations that a tion " markets in We> 


situation appears to be easing 
off. the key question remains the 
problem of labour costs, where 
the annual increase has aver- 
aged as much as 16-9 per cent 
during the past three years. 

None tile less, despite this 
still uncertain if somewhat 
improved outlook, the commer- 
cial vehicles sector in Italy has 
continued on its so-called 
“ European ” course. In July 
Fiat announced that it was join- 
ing forces with the French 
Peugeot-Citroen group for the 
design and manufacture of a 
new light commercial vehicle. 

Although few technical details 
of the proposed new vehicle 
have so far been disclosed, pro- 
duction facilities are to be built 
at Val dt Sangro in the Abruzzi. 
The investment, valued at some 
L241bn (about £353m). will be 
through a joint company and 
the production of component 
parts for the new van model will 
be so arranged as to ensure a 
satisfactory balance between the 
two groups. 

Initial production targets are 
believed to provide for some 
80.000 units annually of a 30 ewt 
and 13 cwt model which will 
have an optional petrol or diesel 
engine. The new model, accord- 
ing to Fiat, is a further applica- 
tion of the group's policy of 
stressing the investment and 
commercial logic of joint 
ventures in the European motor 
industry. 

The central role of Fiat in 


promoting such an European 
approach is not only clearly 
demonstrated by the IVECO 
venture and the new deal with 
Peugeot-Citroen. The Italian 
company has also been a driving 
force in the new combined 
light diesel engine plant in 
Sicily for lightweight vans 
which has brought it together 
with Saviem. the Renault com- 
mercial vehicles subsidiary, and 
the Italian St ate- con trolled car 
manufacturing group. Alfa 
Romeo. It is now 7 negotiating 
with Daimler-Benz a project fur 
the construction of a new joint 
heavy duty automatic transmis- 
sion for urban buses, and is 
currently working with Volks- 
wagen on gearboxes. 

But IVECO. and indeed the 
entire Fiat logic, does not stop 
in Europe. The commercial 
vehicles group, which last year 
reported an overall turnover of 
some $2.9bn. — of which nearly 
Sl.Sbn was accounted for by the 
Italian operations — -has continu- 
ally attempted to increase its 
presence in African and Middle 
East markets. These now repre- 
sent about 30 per cent of the 
overall group turnover, and Fiat 
has sought to promote various 
forms of collaboration and parti- 
cipations in specific countries 
like the Libyan Trucks and 
Nigerian Trucks ventures. 

In Latin America, where Fiat 
sales totalled some 12.U00 units, 
a figure which the group hopes 
to double by 1982, a new com- 


pany has been formed to co- 
ordinate all the activities of 
IVECO’x Latin American subsi- 
diaries. In North America a 
commercial company called 
IVECO Trucks of North 
America has been established 
to promote sales in the U.S. 
and Canadian markets. 

In line with its broad 
rationalisation programme lo 
give the group greater cnni- 
petitivity and flexibility. Fiat is 
now about to cumplete a major 
re organ Nation started in 1970. 
which will transform Italy's 
biggest private industrial group 
into a series uf operating com- 
panies. These will be under the 
control of a central holding 
company and will therefore 
benefit from increased elasticity 
and independence. At the same 
time, through ventures like 
IVECO, the Turin group clearly 
intends to project itself as a 
major international company . 
organised in an international 
way. . ‘ 

In so rloins it feels it can 
generate the sort nf firm enm- 
petiuvity to challenge the U.S. 
producers, now accounting fori 
about 30 per cent of European. • 
vehicle production, and the 
Japanese. Though its arguments:;, 
for European integration andr 
collaboration are oFten shrou'ded ; . 
in rhetoric, they are nevertluy^ 
less prompted by a basic sense 
of commercial logic. 


Paul Betts 






pnesentative 




4 t - 

i-.n Q [ $ 


nrnoe 

*■ JL 



back-up. Make 




' e 1 ' 

delivery service lets him down so the order goes to a competitor. 

Put him in the unenviable position or having to phone his 
customers to apologise for late deliveries again. 

Remember;you’re paying for results not effort. 

And for as long as your vans and tracks let him down,you’ll be 
getting very little effort and even less results. 

You can change this situation by investing in Mercedes-Benz 
vehicles. 

.They’re reliable, economical and durable.They’re designed to 
be hammered and hammered hard.Bluntly,they don’t let you down. 

Againstthis of course, you’ll have to weighthefaetthat Mercedes- 

Benz aren’t the cheapest to put on the road. 

But in the long term, they can certainly work out to be the most 
cost effective. 

In simple terms of fuel economies alone, Mercedes-Benz tracks 
and vans can give considerable savings. Consider too the fact that be- 
cause of their reliability Mercedes-Benz vehicles will spend less time 
off the road and more time carrying out deliveries. 

For your salesman that means a back-up he can rely on.lt means 
thathellput inabit more effort onyour behalfHe’ll make sales because 
he’ll know that you’re giving him the best support. 

He won’t take orders.He’ll sell. _ 

^ ^^kich is why h^s in the job 

Mercedes-Benz commercial vehidesT^^^^^ 

Getyour secretary to attach this /T\ 

dve is a man vj^o takes orders. A salesman sells. It’s ac ^ ver dsement to y our letterhead and we’ll be in touch. f ji \ 

tan into a rep. Allypu ffive to do is give him lousy Mercedes-Benz.The way every truck should be built. 

that after. he s sweated blood making a sale your Merccd e s-Be I u(uK)nd.p.aBo X 753,^ndon^ 2 . 





lesman into arep.AHyou have to do is give him lousy 
sure, that after he’s sweated blood making a sale your 




20 


Financial Times Monday 


i;! 


COMMERCIAL VEHICLES VI 







Exports 



t-VvF 


over 


ALTHOUGH Japan has con- 
quered the world with its small 
•jars during the past few years 
motor industry originally 
developed after the war on the 
.fasis of the local market for 
jjbmmerciai vehicles. As re- 
cently as 1966 truck registra- 
tions (including everything 
‘|'om light vans to heavy lor- 
ies) exceeded car registrations 
;y 75 per cent (1.3m trucks and 
,-40,000 cars). 

$ The typical "truck” of the 
^950$ and early i960; was a 
Sturdy pick-up or small lorry 
’nth a payload ranging from 
i! ne to four tonnes suitable for 
F-se on the unpaved roads which 
-overed much of Japan in those 
.• ,-ays and priced so as to be 
: asily within the means of the 
.mailer businessman. Another 
vehicle popular in Japan from 
,;he early post-war days to the 
| ate 1960s was the 360 ec mini- 
,ruck. 

'■ The market for mini-trucks 
i and minicars) began to decline 
' teeply from the early 1970s 
•n wards and has now virtually 
■reached zero. Truck registra- 
tions in total have also flattened 
;:iut during the past few years. 
:rhe 1977 figure for all types of 
(‘-rucks was i.67m. nearly 300,000 
: »elow the 1973 peak of 1.95m. 
;Truck registrations, however. 
=. till constitute around 40 per 
[.•ent. of all new vehicle regis- 
; rations. 

! While the domestic market 
!'or trucks and commercial 
1 ’Chicles has stagnated in the 


past five years exports have 
more than doubled, rising frnm 

606.000 vehicles in 1973 to 
1.36m last year. The reason for 
the sharp contrast between 
domestic and overseas sales lies 
mainly in the striking success 
of Japanese pick-up trucks in 
the U.S. market, which in turn 
narks back (somewhat surpris- 
ingly)* to the EEC “chicken 
war ” of the early 1960s. 

At the beginning of the 1960s 
Volkswagen was selling pick-ups 
with some success in the U.S. 
but its sales virtually ended in 
1964 when the U.S. slapped a 
25 per cent import duty on 
pick-up trucks costing 51.000 or 
more fob in retaliation for EEC 
restraints on chicken imports 
from the U.S. The duty failed 
to hit Japanese pick-up trucks, 
which were priced just below 

31.000 in the mid-1960s, and 
thus had the effect of giving 
Toyota and Nissan (the top two 
Japanese exporters) a virtual 
monopoly of the fast growing 
U.S. pick-up market 

Prices for Japanese pick-up 
trucks subsequently exceeded 

51 .000 but this problem was 
circumvented for a while by the 
device of shipping the chassis 
and rear body separately from 
Japan and having them 
assembled in the U.S. (in 
Toyota's case the chassis only 
is shipped from Japan). The 
result has been that pick-ups 
have maintained a consistently 
large share in total Japanese 
vehicle exports to the U.S. 

In the first eiuht months of 


this year exports of pick-ups 
totalled 241.000 units and 
accounted for 45 per cent of all 
Japanese vehicle exports to the 
VJS. Prices of even the dis- 
assembled chassis have now 
risen above $1,000 but Japan 
has hopes of persuading the 
U.S. to revoke the 25 per cent 
duty as part of this year's Tokyo 
round tariff-cutting package. 

The success of Japanese car 
exports to Britain has been 
based partly on sales of a type 
of vehicle which is classified in 
Japan as a “light van" (and 
which rhus belongs officially in 
the category of trucks and com- 
mercial vehicles) but which is 
classed in the UK as an estate 
car or station wagon. 

Japanese light vans are adap- 
ted from the saloon versions of 
small cars such as the Toyota 
or Coral la or Nissan Sunny by 
the addition of a station wagon 
type rear-loading door and a 
collapsible rear seat which can 
be flattened to provide goods- 
carrying capacity of over one 
cuh ic metre. Light vans, accord- 
ing to the Japanese classifica- 
tion. can have the same number 
of windows as passenger cars 
so that the only difference be- 
tween a van and car lies in the 
seat and goods capacity. 

The distinction between the 
two types of vehicles carries a 
40 per cent tax advantage in 
Japan. In Britain it became sig- 
nificant early in 1977 when 
Japanese vehicle exporters were 
trying to step up their sales in 


the face of a "gentlemen's agree- 
ment" which limited Japan's 
car sales to a specified share of 
the British market Japan 
shipped 12.435 commercial 
vehicles to Britain in the first 
eight months of 1977, of which 
no fewer than 7,331 were “ light 
vans” of a type which appear 
indistinguishable from estate 
cars to British drivers. 

Another Japanese success in 
the UK has been tie sale of 
light, four-wheel drive, jeep-type 
vehicles similar to but smaller 
than the Land Rover. Sales of 
all types of Japanese commer- 
cial vehicles in the UK are now 
subject, however, to Govern- 
ment-to-Govemment agreement 
which will freeze 1978 shipments 
at or below the levels of 1977. 

On a unit basis Japan's pro- 
duction of commercial vehicles 
remains overwhelmingly 

orientated towards vehicles with 
a payload of two tonnes or less 
(1.9m vehicles in this capacity 
were produced in 1977). Next 
come trucks with a 3- to 4-tunne 
payload (500,000 vehicles in 
1977). Production of heavier 
trucks with a 5-tonne payload 
and upwards to tailed. 102.000 in 
1977. The heavy .end of the 
Japanese vehicle industry is 
dominated by specialists such 
as Hino.. Isuzu and; Nissan 
Diesel. In pick-ups and light 
vans the market leaders are the 
main car manufacturers — 
Toyota and Nissan. 








Charles Smith 


The Daihatsu four-icheel drive has a 1.6 litre engine and is smaller and cheaper than the Land Rover. About 

1,000 are being imported ^rnto the UK this year. ;• 


HEAVY TRUCKS 


Fierce fighting for the European cake 


.(TIE EUROPEAN market for that the Japanese should be tonnes gvw; “city delivery 14J2 per cent and Dodge- 9.2 per the sector, as the accompanying sation” is frequently employed has its own peculiarities which having its output stepped up 

, rucks in this context vehicles "kept out of Europe. * But the trucks” of six to 14$ tonnes; cent. In the 14$ to 28 tonnes table shows, the “Big Four” in discussions about the UK -have to be given attention if a rapidly. 

jf 3* tonnes gross vehicle reality is that the Japanese are "inter city and construction’’ “inter citv and construction" do not have such an easy ride, truck market these days. - ''truck is to succeed. And this is Rllt t n . lp j nnt . h 

m s s^* salt mus « 

willbe ?et° up°el<ev?here Jec'o'r bi'gK “* "g >“ "»« “<* "«*•“«»• entail tSi idtfingfrobien., and 

™ poputatad .n ,he ™«. in the Co mm „ n Marita, are, nnu ta^^and a^n^or* iS Ford increased It Went , 

. the the customer a truck he wants C ial cut-off points imposed by vester's trucks division, said in - 'T? at “a. 8 ™™ * s 

. . has to buy— even if its price might w s i.tfnn Then, ic nn rtiN.il- Birmingham reeentlv for es. a greenfield approach to 

tv-*;;,--' ‘"'“'“If ‘“v.n. struction” trucks have 25 per had well-publicised production not be as low as that of some tr , . .. amD i e * -h a t ih. the- maior Europe ha s: been employed by 

should be offenn* more scope The Japanese have a reputa- cent, ‘ extra heavy duty ’’ 22 per difficulties. Output of the popu- competitor’s model. f f . ® operators licence tor * P • ij* Jf medium and - Ford in ' it3 breaIf in t« ■ the 

™ ‘ - - Now that so many Conti- vehicles below 3$ tonnes gvw, 


i small- and medium-sized com- perhaps not by the Japanese per cent of total truck regis- its market share mainly at tl 
jaames ue with the giant multi- themselves hut by local organ- trations. “Inter city and con- expense of Leyiand, which h 
h m ff a - Mctor whlch Isa ir jns T “ fron,,r| g ” for them, struction ” trucks have 25 per had well-publicised products 
should be offering miire scope The Japanese have a reputa- cent, ‘ extra heavy duty " 22 per difficulties. Output of the popu- 
:or profits, given the higher tion, deserved or otherwise, for cent and “light” trucks 13 per lar Redline trucks was affected 
tidded-value involved in the big seriously disturbing the price cent of the market respectively, bv the rumblings of discontent 
•Tucks. structures- in any new market T „ .u 11 ovtiwi hnAii* At tha Path rrnfn nl o im C/iAt 


Bur manv nf thp Enmnwin tw- «« In 3,1 but the extra heavy at the Bathgate plant in Scot- 

manufacturers geared ^ up for up for ihemselves. In the case » B7g° f Four ’^Sanu Fac^ ^ p - rot, “- ctiot£: f his year 

turers. Ford, Leyiand, Dodge 


growth which did not of trucks in Europe, however, 
materialise. So there is over- ihcre seems so much dislurb- 
rapacily. Even the most opti- ante already that a little more 
mistic forecasters see only a stirring of the pot would 
1 to 2 per cent a year volume scarcely be noticed. Price 
growth in truck sales in Europe cutting, or to use the industry’s 
in the medium term — certainly euphemism, “discounting'’ 
not enough to take up the widespread and cut-throat, 
current slack. This is even the case in the 

In this part of the commer- UK where sales have been par- 
rial vehicle market the ticularly buoyant. Last vear 
; customers buy only if they , he over-3 {-tonnes market' in- 
. really need a new vehicle. A creased bv 7.3 per cent to 
big truck needs to earn about 61.486 units. Registrations in 
£400 a week just to pay its the first six months of 1978 were 
keep, so demand tends to keep up J2.5 per cent on the first 
in step with economic activity. haIf of ig77 and it seems reason . 

The fierce competition seems able to estimate some 70,000 
unlikely to diminish. The Norlh units might be soJd this vear— 
Americans, in particular Ford S j V en that the International 
and International Harvester. Motor Show and the new truck 
seem to feel that their size models that go with it should 
entitles them to a bigger share aj ve a lift to registrations in 
of the European market and are the last part oE 1978. 
taking steps towards that end. 

Then there is the potential 


averaged only 65 per chnt of Jt >r leading the invasion-rany these r days insists on more pay i96Qs? “Amhnp nth^v Vhip wOfra "goflen& .Soirie-dfj _ 
that planned, culminating in the potential new entrant is faced because he has the skills rieces'- .iearM ihal'you can’t would' .maintain^ ^ Ford 7 

(owned by Chrysler and poten- recent fuIlJjIowrr stoppage. Wlt h the considerable problems sary to obtain such a licence. accepted U5 product and with ®^^® 60 partivtilariy'suocb^ii, 

tiaUy Peugcot-Citroen) and Bed- Overall, Leyiand* has been of finding dealers and setting Conseouentlv users are buv. just a J few - minimal changes evem “though ‘saies^of the 

ford (General Motors), tend to achieving only 75 per cent of up * u - - — - s ~- — - — ’ ’ _ *-* — 

dominate. planned production levels. -But 

In 1977 Ford had 32.2 per all its rivals complain about the 



,s cent of the “ light 
trations to its 



ht " truck regis- need to increase productivity at the threatened Japanese push been to the detriment of the European truck will be lOtaUy -i^ixt to .fhid the fdnruifi^ 
credit, Leyiand their UK plants. In the event, into the UK has so far truck weights which fall in the acceptable in' U.S. appiicationa , ’ -wiU- ^e theni a 


30- 3 per cent. Dodge !S.7 per share of the marfeet, remained onlya threat. middle of the market For ... ... V n f th^ Furepean.. 


cent and Bedford 9.3 per cent. 22.8 per cent at this time last 


In the six to 14$ tonnes “city year, is down to 19.8 per cent TVTlltfprilKyc 

ise it has not had 


delivery " sector, Ford, in 3977, simply because 

had 37.9 per cent of the market, the trucks to offer.* As well as rautterings about 

Bedford 35.8 per cent Leyiand At the really heavy end of the Japanese, the word 0 " polari 


example, the 22 tonner. once a which will sell around sp€ u trim ble" for tI»'i4S$S ;!« 

very popular truck, is now hard yU ’ lKJ0 trucks worth in t±i& local concerns.^ 
to find on L"K roads. re § 10 ^ S3^hn this year, ..is companies— 


1 ■ - 4, • J, , - -FW" vwi-|f«iuw ip.. 

t The British market like each S P U make iI P land of Britaiii. : it - 

- of the other European markets, a b° u t how to improv*e its p^he^ Scania of 

tranon. of Europe. Onfr option Q f ihe thr<*Bt_- | 


Labour disputes 


...... . option of the jthreaLi, 

would 1?e_f or it to lake fuH J a f tte hectic ffiscug^Bm^go^i 
control of Daf trucks of Holland, onl between these • andfp^ 
jC which it. already has a 33 per concerns. - talks- wfitchr 


CONTINUED 


, , concenjs, . talks - whidrtr .-- 

cent stake, while continuing to e\^n leaff to further. v 

expand its LiK subsidiary, ing (rf the truck mam 

Seddon Atkinson. Seddon ; with -sector . ■ amnss 


newly appointed Americans in frontiejs. 
tii e key roles of managing dlrec- - ' • ,^jr- 


Split 


big ETOWth market^of the UK the past few years which has over £100m has been earmarked embarked on a similar plan, tor and saTes director/is already 




and have increased their ex- contributed most directly to the for new model programmes and with the aim of spending £40Gm 


porting P r «sure At the same surge ^ importSw factoiy modernisation. The on its truck interests inEurope 


time, many of these importers 


In the UK the total tmrk ar*~™.7.Tn P an y's chairman, Mr. Michael idea is to bring in a competitive during the five years to 1982. 

*rket can eonveniemiv ho cniit- 1 JL tt ® Edward es, has made no attempt new range of vehicles which will large proportion of which will 


threat posed by the Japanese 
truck makers, who could pro- 
vide serious competition before market can conveniently be split tion to evolnir the British ^ ..... _ , . t -- . 

long. There have been protec- into four segment/ “light market tha^thev were a few t0 hide ** £act ^ ]t &ces m r‘ n “? dern fact0 "? s *i e in3ected into Britain. All of 
tionist protests and suggestions trucks" of between 3{ and six vea/aoo having 5 ^ soent heavfly c° nsiderab le difiScuities at ; pre- rapable of yielding considerable its range is scheduled for seri 

: m sent - P arti >- Educed by labour mprovemeots » productivity, ous revision during this period 

EXmVHEAVY-DUTY TRUCKS sin^e the advent of the UK to di5 P ulBS and P ar tiy by a record A * ibe end of this penod the and it can be assumed that 


(Over 28 tonnes; UK market shares per cent) 


Volvo 

Leyiand 

ERF 

Seddon Atkinson 

Daf 

Scania 

Daimler Benz ... 
Magirns Deutz ... 

Foden 

Bedford 

MAN 

Ford 


1976 

1977 

Jan.< July ' 

24.2 

21.1 

25.0 


17.9 

14.7 

10.2 

1U 

12.3 


12.7 

12.1 

8.0 

10.0 

9-8 


3-8 

5.6 


2.7 

- 3.8 


2.8 

3.2 


3.2 

2.6 

3.4 

2.5 

2.6 

2.9 

2.5 

2.3 

2.3 

2.1 

1.8 

Source: Ford Trucks. 




the Common Market 1 Mercedes underinvestment in the past company hopesl to emerge with there will be a large-scale 

)78 whit-h h^ spent h ea vil v o ri few years. a ne . w heavy truck as good as expansion o£ its plant near 

rhs^pina its in the UK *.- ■ ' ?ny in Europe— it has seriously Slough to cope with increased 

froT ^at or a car nroducer AcU ?V S ^° Ceed,I ¥ £ a flagship of this kind in production of its middle-weight 

onlv is the daLic exara^e of C ? rr t? * e M years-which will Series truck, along with ; 

thto trend* Jt tonSr eib^hed ° f theSe f f )nS ’ ^ pt £ be built in ^ factory capable of complete revamp of its Transi 
Inrt Winnil to grammes set in motion to producing about 20.000 units a van. 

steadih p !Sr”lnJ£S!S| Tl ' ^ta„" d tatav f 8 '- ™s*mslso provide tte Bedford msy slso be taakiug 

_ _ new f investment plan being f 0r a nage of vehicles changes to its long-serving TK 

Tbe British response to ttaa jwhed going down the weight scale, range in the near future, hiving 

challenges depends crucially on is being trimmed at Bathgate . ,, . . - * . . virtual! v mmnbipii the m.™ 

Leyiand Vehicles. The State- because of the labour problems ^ ea bel ^ t0 offs « ”y ^ the intro 

owned truck company is still there). Leyiand is aiming to designing as many common ^ ^ 
the most sizeable commercial inject some £350m into its coni- P arts “ possible into a number regarded as somewhat out of 
vehicle producer in Britain, and mercial vehicle interests in- the of weight grades. date, despite the fact that thf* 

_ it is Ley land's loss of market s in 1975-81 period, and alr eady w ell .At the same time, Fotd has vehicle is still selling well ^ 


In 





No otlaer middleweight track will 
get you into so many awkward spots 
out of so many tight comers. 

It has one of the tightest 
turning drdes in 
its classy and 
the 13 tonner 
even Has 
power steering 
as standard. 


The SaviemJ Range 
9, II, 13 tenners. 
Tough trucks to beat 



Renault Tracis & Buses UK Ltd, Ashburton. Road Hast, TrafFord Park Manchester M17 1RR. Tel; 061-872 6855, 


addition. Chrysler, which intro- 
duced its well-regarded Com- 
mando range a few years ago. 
Mill soon be launching a . new 
medium-weight parcel van and 
chassis nab. 


For both Ford and Bedford, 
these developments will also 
mean an intensification of their 
drive into Europe. For Ley- 
land Vehicles, such a raoye will 
be more difficult becaue of its 
failure so far to establish 
strong dealer network .-on the 
Continent? But in the medium 
term all the U.K. manufac- 
turers believe that they should 
be able to increase output. 
Forecasts indicate that produc- 
tion should be up next year, al- 
though this year it Mill prob- 
ably. not be much above the 
398.000 unity of 1977. . But thir 
prediction will clearly depend 
omthfe ability of the commercial 
vehicle manufacturers to over- 
come the curreiir round of 
awkward labour disputes.. In an 
industry which- has had -a 
reasonably good Industrial- rela- 
tions record when compared 
with the car sector, these are 
causing considerable anxiety at 
present Executives are anxious 
now to stop, the rot before the 
process of decline sets' iff as it 
has done in the car industry. 

Terry- Dodsworth 















rt. 




trade Exhibition 




T . "-Vi 


ST. JOHN’S HOTEL 
SOLIHULL 




V * 




1 ^ -^R i 


■:3«- 






L^-3» 

■ JVC- _ 



.^^Mdes by AbePSystems Ltd: 


- -v-Demonst rat ions of fu II range of 

demotiO tables Indudln^rigfds, semi-trailers 
.an d.drayvbar tpm binations.- - 


•;5 : 


O 









V. 

•■J 

i 








•7.. - i,--,. 









»■ *> * i '■. ■ 




...until November 17th. 
the only way to buy semi-trailer vans 


;A'v. 


Whether you wish to lease, hire purchase, or buy outright a single unit or a 
whole fleet of Crane Fruehauf semi-trailer vans, we’ll give you three months 
free use and hold the price meanwhile. Three, free, revenue earning months 
for you, the operator. That’s LEADERPLAN - the unique new way to buy Crane 
Fruehauf dry-freight or insulated/refrigerated vans in either aluminium or GRP. 
What's more we offer the best finance* plus fast delivery and a fair trade-in 
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Christmas peak. That’s LEADERPLAN. 














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Every feature of the entire Crane Fruehauf vans range has been designed to 
provide operational advantages and specific user benefits, the engineering 
quality, the advanced techniques of the bodywork construction, the robustness, 
safety-first attributes, strength-with-lightness for high payload... all make for 
cost effective, high volume transportation with maximum operational economy. 
In addition to the unbeatable value of LEADERPLAN, Crane Fruehauf offer 
nationwide service and parts availability consistent with our reputation as 
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Crane Fruehauf to offer operators a professional package of benefits 
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Take advantage of the Crane Fruehauf LEADERPLAN today. 

Telephone our regional hot lines and we’ll tell you more. 

Blit don 't forget this offer closes .November 1 7th 1 978. 


3months free use 
Soption payment 

r>| plus price held firm from date of order for 

Iw I d I 8 3 months. Until November 1 7th the onl y way 
■ to buy semi-trailer vans. 

1 . Outright cash payment at the end of 3 months 
free use. 

2. Finance on the most advantageous terms through 
• Crane Fruehauf*. 

3. Tailor-made leasing plan to your individual, 
requirements* 

('subject to acceptance). 




ir u 







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See us at the ; 

NEW MOTOR SHOW 

NEC Birmingham Oct. 20-29 1978. 

HALL4 OQfi HALL2 OOO 
STAND OQO STAND ZZO 


••yj. 


# 


, 


For full information, contact our 
regional, sales offices: 


llfflfS 




South East 

Peter Bo'yton. 
93A/99A New Road, 
Dagenham, 

Essex. 

Tel: 01-593 0417. 
Telex: 8951389. 

Midlands 

Geoffrey Jackson, 
Aston Lane. 
Shamford. Leics. 

Tel: 045527 2183. 

North East 

Jack Bowdler, 

Milner Way. 
Lonalands Trading 
Estate. Ossett, 

West Yorks. 

Tel: 0924 276614. 
Telex: 55276. 

Southwest 

Arthur Wihten- - : 
Old Polo Grounds 
Estate, New. Inn, 
Pontypool, Gwent. 
Tel: 049-55 4501. 

Telex: 49580 . 


North West 

John Gough. 

, Hardwick Grange, 
Grange Industrial 
Estate, Woolston 
Warrington, 
Cheshire. 

Tel: 0925 815051 
Telex: 627314. 

Scotland 

Andy Flynn. 
Longridge Road. 
Whitburn, 

West Lothian. 

Tel: Whitburn 40631 
& 40811. 

Telex: 72253. 





55* 








Crane Fruehauf Trailers Limited 

Marketing Services Department Toftwood, Dereham, Norfolk 
Telephone: 0362 3331. Telex: 97251. . 












COMMERCIAL VEHICLES VTO 


financial J «'“=*> 

the medium *^ 


jj .ww r . 1 . L ‘ ■ f . ' i gr y. ' m ., r: ty • 1 v ‘ * .\ y> >■'« 




The Ford Trn ;?xif. winch dominates the medium-size vehicle market. 



A team of the top speakers in the transport industry from various 
countries will guide discussion at the world symposium on International 
Transport The Common Problems, arranged by the Chartered Institute of 
Transport and ihe Financial Times. 

The problems grow more complicated daily. A multi-modal 
approach to solutions is demanded and at the same time the new 
problems that new solutions will bring must be anticipated. An 
introductory speech by the Secretary of State for Transport, the Rt. Hon. 
William Rodgers, MP, will put the government view of the future of 
transport and will raise some of the questions, in general -terms, that the 
experts will try to answer. 

OPERATIONAL QUESTIONS. What system of transportation 
will follow containerisation? What difficulties will arise with the increasing 
transference from one transportation medium to another? 

ENERGY QUESTIONS. Sources of energy are changing. What 
will the effect be on transport? 

LABOUR QUESTIONS. Human resources have to be 
calculated, productivity charted, possible pitfalls foreseen. 

FINANCIAL QUESTIONS. Future developments and the 
investment required now? What are the banking criteria for such 
developments? 

PRICING AND MARKETING QUESTIONS. Is there general 
agreement over the various tariffs and is ihe need for flexibility in tariffs 
accepted? How is quality to be measured in each of the modes of 
transport? Where these are competitive, what are the criteria for 
assessment? 

Senior managers in transport and financial institutions concerned 
with transport, and consultants to the industry will especially welcome this 
chance to pause and view the ways ahead. 

For further information, complete and post the coupon below. 


I 

• To: The Financial Times Limited. Conference Organisation, Bracken House, 

1 3 0 Cannon.Street, London EC4P 4BY. Tel: 01-236 4382. Telex FT CONF G 27347. . 

| Please send me further details oi ihe International Transport Conference. 

I Name ■ block capitals please) 


I Position 


Company 


! Address 



Like most luxury cars it is fast, quiet, 
easy to drive, has comfortable cloth 
seats, and a directional heating 
and ventilation system. It will 
even light your cigarette. 

Unlike most cars 
it also has room for 



per cent 


2 »-i 


A BOLT a third oF the sales had recovered to 3 

of commercial vehicles in by August this year. 

Europe are 1 accounted for by In this market sector Chrysler 
medium-sized vehicles of up to is represented by the Dodge’ 
3.5 tonnes. In the UK the Spacevan. which has proved 
market share is even greater, very popular trith the Post 
last year reaching 41 per cent Office. There are currently 
and totalling 91,306 units. By 15.000 Spacevans in service in 
far the greater proportion of the Post Office fleet and about 
these were vans. The medium 50 per cent of production is 
vehicle market in Britain is still destined to go in that diree- 
showing the biggest growth: it tion. In May. Chrysler UK 
was up more than 16 per cent received its biggest-ever order 
in the year to August compared in Britain when the Post Office 
with the previous 12 months, ordered 3.200 Spacevans worth 
and demand For vans is leading £10m. 

the market upwards. Importers, attracted by one' 

Few people in the industry 0 f few markets which offers 
believe that van sales will this growth— this arises partly be- 
year recapture the peak 115.000 cause there is so much empha- 
units sold in 1973. After all. 5 j S i n xhs UK on road transport 
they have since sunk back to as comoared with rail — have 
only 74,000 before recovering been attovkinz hard, 
to the 84.000 level last year. The Japanese oroducers. look- 

certain that around 95.000 vans “? ‘"2? "“S? 


Mercedes van. each a relative 
newcomer to the scene, have 
failed to keep pace with de- 
mand, The Mercedes vehicle 
replaced the so-called Bremen 
van inherited by the group 
when: it took over the Hanomag- 
Hanschell concern and is the 
first’ -truly Merced es-designed 
vaEF-the group had previously 
concentrated on producing 
heavier trucks. 

The Hanomag plant at 
Bremen has been rebuilt since 
Mercedes took it over so as to 
establish “ reasonable capacity.” 
•for the new van; In the early 
years an output of around 
40,000 a year was looked for. 
Bat output is currently con- 
strained by The availability of 
diesel engines from a Mercedes 
plant which has to supply both 
cars and vans. 


will be registered in the UK 
in 1978 and some industry 


stop ” on the growth in their 
car sales, have turned to this 
sector. Both D at sun and Toyota 


Closed 


optimists reckon 100,000 might more ihan doubted van sa£ in 


be achieved. 

Like other commercial vehicle 
sectors, this one is fiercely com- 
petitive. And importers are 


Britain in the first seven months 
of 3P7S compared with the same 
period a rear before — Datsuzr 
registrations rose from 1.111 to 


making the most of the 05 19 and Toyota's from 1,115 
buoyancy of the Bntisn demand. t0 sjes. 

The market is still dominated Mazda made similar progress 
by Ford's Transit which was — re gist rations rose from 815 to 
originally launched 13 years ago 1,380. while Honda made its 
and had another facelift earlier nre-ienc* r*i* for th* a r*t iim A 
this year. This van helped 


presence fel: for the first time 
in this sector this year, with 
Ford capture an impressive 39 177 vans registered, 
per cent of the total “ medium " As usual, immediate avail-, 
market in the UK last year ability figured prominently in 
when the company sold 36.475 the Japanese success. They • 
units. The majority of Transits were helped not only by Bed- 
are made in Southampton, but ford's emphasis on exports, but 
Ford also has a plant at Genk. also by a shortage of two par- 
in Belgium, as the Transit is a ticularly popular imported vans. 

** European ” truck. A record The availability of both the 
125.463 were made at the two Volkswagen LT 'van and the 
plants in 1977. Fords objective 


Last year Volkswagen sold 
1.880 LT vans in the UK, not 
bad going since it was intro- 
duced to Britain only in 1976 
and since the company 
continues to sell its old Type 2 
van i up to one ton) at the rate 
of 200 to 300 a month. 

Volkswagen expects to sell 
£300 LTs this year. By August 
it Had sold 22260 LTs (and 2.499 
Type 2s). The UK importers 
ran out of stocks of LT in July 
and as the Bremen factory 
dosed for the whole of August, 
supplies were not expected to 
begin again until late 
September. 

The refusal of both Mercedes 
and Volkswagen to give in to 
the temptation to take short- 
term steps to build up supply 
to meet demand reflects the 
determination of the West 


German groups tpfts.output at 
a level which is- consistently 
profitable— even if tills is at-the ' 
expense of market share.. . 

Perhaps the main interest in 
the van market next. year will 
be fofcused . on Fia t's dew entry," 
due to be unveiled; : a( - the 
Motor Show. Already operating 
on the Continent,', the "IS " van 
will compete with-' the heavier 
Transits ,and will be available 
in ‘ either chassis cab - or van 
form. • ■ . • • 

-The new Fiat will use ahew 
2.5-litre diesel engine prododed 
from the collaboration between 
Fiat. Alfa-Romeo and the 
Berliet-Saviem combine in 
France. This is the . only , engine 
the new van will use, and it will 
once again raise the question 
about the potential progress of 
diesels in" the UK 

Although a diesel engine Is 
jmore economical than a petrol 
one, the Initial "cost is roughly 
£400 more. A van has to ecver 
a lot of extra miles in a year 
to -make life extra outlay worth- 
while. And in the UK unlike 
practically any other European 
market, derv is more expensive 
than petrol, which adds another 
complication to the arithmetic. 

Perhaps one indication of the 
way the market might be split 
is via the Dodge Spacevan deal 
with the Post Office. The 
requirement is two to one in 
"favour of petrol engines. And 
in August one in five of the 
Volkswagen LT vans sold were 
powered by diesel engines— but 
this higher than usual figure 
was certainly affected by the 
fact that VW was running out 
of stock at the time. 

K.G. 


was to produce a van with the 
driving characteristics of a car 
— after all. in most European 
countries vehicles of up to 3.5 
tonnes can be driven on a car 
licence. 


LIGHT VANS 


Similar 


In 1970 Bedford launched the 
CF van on similar lines to the 
Transit, with many of the same 
characteristics of driveability 
and easy manoeuvring. The CF 
has also proved to be popular 
in Continental Europe, selling 
particularly well in Italy in its 
diesel form. Bedford could 
probably sell more CFs in the 
UK but has put the priority on 
exports. 

Then three years ago BL. or 
British Leyland as it then was, 
replaced its dated J4 and JU 
range — which had been losing 
market share— with the Sherpa. 
For obvious reasons there was 
no huge investment in this 
vehicle. Its reception was far 
from rapturous as it was looked 
upon by many as simply a face- 
lift to the old vans. 

But the Sherpa has proved to 
be an absolute winner for BL 
because it is so economical and 
reliable. BL claims that milages 
of 78,000 with little but .routine 
maintenance are common. 

The Sherpa was at first criti- 
cised as being ” not . wide 
enough " — it was less bulky 
than the Transit — but ulti- 
mately this has proved an 
attraction to some customers 
since drivers find it easier to 
handle and more manoeuvrable 
in crowded town centres. At 
the same time the vehicle has 
proved to be an idea! motor 
caravan base. It has a proper 
truck-tip e chassis, which the 
body builders prefer, and yet 
can be handled easily in a 
suburban driveway. 

Over the past 12 months pro- 
duction of Sherpas js up SO per 
cent on the previous year. And 
BL’5 share of the van market, 
down to 13 per cent in 1975, 





a 


IF LOCAL manufacturers leave 
a gap in the market then in a 
free-trade country imports will 
fill the gap. Xo other part of the 
U.K commercial vehicle 
industry illustrates this simple' 
idea better than the car-derived 
van sector. 

The import statistics at the 
same time provide a good 
example of what can happen as 
the North American . groups 
progressively apply their 
" Europeanisation " policies. 


reach around 83,000 units in 
1973 against 72.430 last year. “ 

Chrysler is also bringing in 
car-derived vans from Conti- 
nental Europe. Its Dodge 
110, based on the Simca 1100 
and made in France, has 
a steady 5 per cent of the 
market. This compares with 
Renault, more easily identified 
in the Customer’s mind as a 
•foreign’’ car, which has 2.3 
per cent. - . 


more than 8 tons of 
luggage. _ 


The SaviemJ Range 
9, ii, 13 tenners. 
Tough trucks to beat. 




Renault Trucks & Buses UK Ltd., Ashburton Road East; Traftord-Park, Manchester M17 1RR. Tel: 061-872 6855. 


It is a fact that for many 
years there have not been 
enough car-derived vans and 
pick-ups to keep up with 
demand in the U.K. The user’s 
decision about which van to buy 
more often than not has been 
based on just which van was 
available or how long were the 
dealers' waiting lists. 

Ford's Escort van is just one 
example of a vehicle which 
could have had a bigger market 
share had the numbers been 
available. The Escort van has 
been made at Hailwood at the 
rate of about 30,000 a*year on 
the same jigs as the’ estate 
version of the popular car. Ford 
makes more money on the estate 
than on. the van, so when it came 
to allocating production time 
the estates usually had first call. 

Industrial disputes, which 
appear to be endemic in the 
U.K car sector, have also cut 
the supply of vans from BL and 
Ford, which between them con- 
trol well over half the market 

As a result the percentage of 
imported vehicles among total 
U.K car-derived van sales rose 
from 11.8 in 1976 to 16 per cent 
last year and in the first eight 
months of 1978 reached a peak 
of 21 per cent. 

Of course the Japanese have 
not been slow in snapping up 
the opportunities offered. From 
a standing start in 1974 they 
captured 7 per cent of the avail- 
able sales by 1976 and nearly 9 
per cent for far this year. 


In spite of the importers’ 
successes, this is one market 
sector where BL does not 
appear to-be losing out. It was 
market leader last year with, a 
healthy 31.9 per cent — repre- 
sented by sales ‘of 23,076 units. 
And in the first eight months 
of 1978- BL had increased its 
slice of the available business 
to 33.8 per cent and has sold 
15.702 units compared with 
12.829 in the same period a 
year before. 

In the’ car-derived van market 


BL offers the Mini van and the 
model colloquiallyknowaas the 
Marina van, based as it is on the 
Marina car. The Mini van re- 
mains popular becahse i't ls a 
purpose - built commercial 
vehicle with a long wheel; base. 
which gives more space. And 
BL is the only UK company - 
offering a' factory-built pick-up, 
based on the Marina. 

BL would claim that those 
car-derived vans, tike the 
Fiesta, Bedford’s Che van, based 
on the Cherette. arid some Japa- 
nese models, do not offer direct 
competition to the Mini in that 
,they are simply cars with side 
panels instead of windows at 
the rear, that they do not offer 
as much carrying space and ihe 
rear access is not as convenient ' 
as it might be. : - . •' ; '• 


The van versions: of- the- 
Marlna have benefited from the 
recent facelift and, like the 
cars, will -.be using the 1 '0" 


Unsettling 

But Europeanisation is having 
just as an unsettling effect on 
the import figures. The Ford 
Fiesta van,, introduced in March 
this year, has proved to be far 
more successful than even opti- 
mists at Ford expected. And the 
Fiesta van is made in Spain. 

Against an early estimate that 
some 2.000 might be sold in the 
UK his year. Ford is now look- 
ing to deliver 5.000 to 5300 by 
the year end. This would give 
the Fiesta alone about 5 to 6 
per cent of total sales, which, 
by Ford’s reckoning should 


REGISTRATIONS OF CAR DERIVED VANS 

And pickups in the u-k« 

Manufacturer 

i • 

British " 

Bedford 

August 

'UTS 1977 

1,946 . 14)59 

8 months ended 
. August 

1978 .1977 

12.381 12.269 

BL Cars . 

2,888 

2,586 

18,590 

15,415 

__ Leyland Vehicles 

— 

. . — 

. — . 


Chrysler . • 

. — 

— 

— 

■ rr - 

Ford 

3,664 

1,690 

12.275 

12,635 

Others 

15 

27 

132 

135 

Total British / 

7,513 

6262 

43,368 

40.454 

IMPORTED 

Chrysler (France) 

402 

471 

2,772 

2,917 

Citroen (France) 

I 

8 

... 18 

55 

Peugeot (France) 

132 

0 

478 

0 

Renault (France) 

216 - 

221 

1,256 

1,176 

Mercedes-Benz (Germany) 

— 

— ■ 

• — 

• .— ..’ 

Opel (Germany). 

12 

6 

..... 21. 

::v 7" ' 

Volkswagen (Germany) 

— ' 

— . 

' — 

— - ' 

Flat (Italy) - • 





Daihatsu (Japan) 

• — 

.. — • 



Datsnn (Japan) * 

464. 

311 

2.530 

1493. 

Honda (Japan) 

90. 

384 

1,613 

1,796' - 

Mazda (Japan) - 

— : 

•• . — 

. . i— 

— 

Toyota (Japan) ... 

54? 

. 88 

343 

381- 

Polski-FJat'f Poland)-" - 

lOf 

. 

120 

• — • 

Ford (Spain):. =. ■ -j . 

703 

'0- • 

2,366 

fl 

Jeep (U.S-) 

• -r 

- 

' . • — r- 


others . 

. * . 

7 

25. 

. 66 

Total imported.,". 

orand TOTAL : . 
Source: SMMT.- ”• 

2.182 .. 

M96 

7,758 

11,542 
54^10 . 

7.591 

48,045 


■ i 



■ - • 




F 



Mi! 


4* 



S 

/ 


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. T 

u.- 













the 


Financial Times Monday September 2C 1978 

HE SPECIALISTS 


COMMERCIAL VEHICLES E 


Small but thriving 
! sector 


i V vViv 


i- >v 

v:-.tisar. 

- •• »#■’»• • 




... 



Y* O 


1 fc* ^ 


VOW seem; an established the parent group ButterfieJd- 
of life m most sectors of Harvey, was. 10 say the least, 
ufavturing industry that the extremely enthusiastic in his 
sanies which thrive are annual statement in July about 
:r ilie very large groups or Shclvuke's prospects. "Although 
small specialists. Those in numerous prestigious contract'* 
een have either to make the have already been- secured, 
into the big time or mainly in respect. . of tire 
' tier. vehicles, success to tjate barely 

ie commercial vehicle bus!- re Heels the real potential of 
fs no exception to this this tSPVi division. The level 

■ *rn. As with other indus- of inquiries from a wide Variety 
, the small specialists of cusrnmers, including equip- 
)ly survive, and sometimes ment manufacturers and Gov- 

make a handsome living, ornment departments, leaves no 
ill in? in the gaps left by doubt that substantial business 
bigger rivals. They make is likely to develop within the 
. ucls with which the major foreseeable future." 

>anies. with their demand The other specialist iWliich is 
olume. would prefer not to currently expanding to a new 
evolved. manufacturing site is ERF. 

Uain has more than its fair which is building 14 trucks a 
? of specialists in the com- day at its Sandbach plant and 
ial vehicle field. Most of j s running out of space there. 

. are doing very nicely, and The company, a —quoted con- 
are on the brink of — by corn, last year sold 2.846-units. 

■ standards — major expan- j{ S turnover rose by 46.5 per 

programmes. cent to £56.3m and profiis 

e nne which is perhaps not reached a record £3.276m enm- 
dclv known is Shelvoke and pare d with £1.7m in the pre- 
;ry. based at Lctchwurth, vious year. 

s. 'which has been a special- 
'. vehicle maker for more 
50 years. Today it is part ▼ 

« quoted BuUcrfield-Harvev ERF is building a new en- 
5- gineering centre at Middlewich. 

• tn two years ago Shelvoke l0 eliminate some of the nver- 
ontent to maintain its posi- crowding at the Sandbach 
is the UK's major supplier offitres. and next year will start 
lumnpal' vehicles, mainly , Pe first phase of a completely 
e collodion vehicles. Last new production facility in a 
. it sold nearly 500 of these development area — news of 
which gave it more than which should break in' lime for 
;he available market. the Motor Show. (Of course, 

l then Shelvoke reacted to lhis d0R9 n(lt mean that ERF 
it saw as a demand for win mnve from Sandbach. The 
is with unusual specifies- ncw f aL .jjjty j s \ n addition to 
which could not he met liy the Sandbach she) 
major manufacturers. It ERF - S chairman Mr. Peter 
ed to add to its mam line Fl ,den believes the company's 
aerations the business of ma j n thrust in the short- to 
m-building vehicles from medium-term must be in the 
onne« upward. The aim home market. He is concerned 

0 give the customer exactly about foreign vehicle penetra- 
•ehide he wanted, within f Jon 0 f th e UK market, a trend 
.*gal constraint* Shelvoke w hich British manufacturer? 
■ut the engine at the front. arp finding difficult to contain. 

? back, in the centre. It •• The general world recession 
live you a steering wheel j n commercial vehicles sales 
te right, left or in the tends to encourage tnanufac- 
e of the cab. And so on. turers to penetrate the best 
service is provided by what available-markets at prices well 
ok.* mils its Special below normal levels. This, 
we Vehicle iSPV) division. cuupled with immediate evail- 
, ability— not necessarily superior 

f toms products— is a major facror ip 

1 the increased penetration by 

jhaps ihe epitome nf what the foreign, groups of the , UK 
'.s all about is the airfield market," he says. v 

enders it producers, with *• We believe our immediate 
i Fire providing the role must be to concentrate on 
r! bodywork and equip- import substitution, even if it 

An airport fire tender means less emphasis i»n ; other 
tn be fast, to carry a lot world markets. The UK halance 
•ighl and tn he able lo of payments and levels of 
over rough ground. Shel- employment must improve if 
has developed one with a the UK manufacturers take an 
ines gross vehicle weight increased share of their own 
four by four configuration market." 
can accelerate from 0 to Sandbach alspls the home of 
h in 45 seconds and travel another of the UK commercial 
an and off thp highway. vehicle specialists — Foden's 
far this vehicle has been which is run by a separate 
ed only to export markets branch of the same family. In 
■veral fire brigades in the statistical" terms Fodens and 
e now using more conVen- ERF are roughly similar. 

. tenders based on Shelvoke Fodens, too. had an output of 
s. more than 2,000 units last year. 

company expects its Turnover was £52.8m (against 
livision to add 200 units £47.I5m) and taxable profit was 
tput this year with no £2. 8m (f 1.70m). 
mng off on the municipal This represents a remarkable 
c side. So new man mac- recovery From the problems of 
space has hcen acquired 1975 when it hit the financial 
ore people hired rocks and was rescued by a 

Sam Roberts, chairman of group of institutional investors. 


nports 

INUED FROM PREVIOUS PAGE 


engines.. At the same 
3L is bringing back the 
. name for the vans. In 
the official name will be: 
yf. 440 (for carrying up to 
„ and the Morris 575 (for 
> 10 cwl). 

, luse the market is ex- 
■ jx — it was up nearly 6 per 
<ast year and might even 
. that percentage gain in 
it is not easy to spot 
companies are actually 
ng from the importers* 
.ses. 

Tord has a respectable 
' *?r cent of the market and 
-.3.278 units last year. In 
ight months to August 
at inns of Bedford car- 
d vans totalled 12.3S1. 

. .lightly ahead of the same 
a year ago. But the 
a offers a product which 
. appeal to customers who 
iking for a stylish vehicle, 

_ .the Bedford van. based on 
" riginal Viva design and 
well in spite of being 
. rably ancient in motor in- 
terms. provides the kind 
*ap. basic vehicle many 
.. -iers are seeking. 

. industrial disputes at 
■jod early this year ccr- 
cost Ford market share 
, e it is only recently that 
' ?5 of Escort vans got back 
nal. Ford believes it has 
lived the overall "problem 
t being able to- make; 
i Escort vans to keep the 
adequately supplied, 
mce again, this will cer- 
be reflected in. the import 
Capacity to build the 
•s ha? hcen installed at 
Amsterdam plant tn 


Holland and these will be used 
to supplement the British-built ! 
types. 

The importers of Japanese 
vans have often claimed in the 
past that they have not been 
capturing market share from 
established manufacturers as 
much as enlarging the market 
by supplying vehicles of a kind 
not available before. 

A prime example has been 
the Honda TM7, an extremely 
small van using a 360cc engine 
built from motor ' cycle parts, 
which gave 50 miles to the 
gallon. Ideal for the narrow 
Japanese streets it also found 
supporters in the urban areas of 
the UK However, the last of 
these vans was sold in July and 
Honda has replaced them in 
Britain with the Acty. which has 
a ' 54 See. four-stroke,, water-, 
cooled engine. Like the TM7. 
this vehicle is likely rn appeal 
to users such as florists and 
bakers who have light loads, do 
not need too much space and do 
short runs in urban areas. 

The Acty incorporates more 
added-value than the TM7, of 
course, and the Japanese must 
pay attention to this factor for 
some time to .come. 

For, as with cars, car-derived 
vans were covered by the 
i n d ust ry-to-i ndustry agreement 

between the British and the 
. Japanese, and shipments to the 

TJK in 1978 should not go above 
the 1977 level. If the Japanese 
are to maintain growth In the 
UK they must, therefore, get 
more cash for each vehicle they 
sell. 

KG. 


The institutions had enough 
faith in Fodens not to take an 
easy profit when Rolls-Royce 
Moturs made an film hid last 
year. Their decision was made 
easier because Fodens was in 
the process of switching a 
£].02m loss into a £ 1.74m profit. 

Mr. Leslie Toll ey. th c 
bluff, -no-nonsense chairman, 
who is also chairman of Renold. 
says that 1978 will be 

reasonable ” but there will he 
consolidation after two years of 
fairly rapid recovery. 

Fodens built up its reputation 
partly by doing as much of its 
own engineering as possible on 
the assumption that component 
manufacturing gives the final 
assembler a much greater 
control over the final quality of 
the product It has shifled 
significantly from this stance 
with its new Fleet master range, 
launclied about a year ago. The 
company is using a high propor- 
tion of bought-in components, 
such as Cummins and Rolls- 
Royce engines, Fuller gearboxes 
and Rockwell axles. The mnve 
will mean thar Fodens will be 
able to lock into extensive net- 
works established hy ihe com- 
ponent makers across Europe 


without going to llie expense of 
setting up its own operations. 

Another specialist which was 
down and nearly nut financially 
in 1971 is Dennis, the Guildford- 
based concern. In that year it 
was acquired by the Hestair 
group. The Guildford site was 
sold to help generate the cash 
for Dennis's survival and a £ 
lease-back deal was done. £ 

For a few years Dennis con- fl 
centra led - only on producing §| 
municipal vehicles and fire £ 
engines. This revived the com- 1 
pany to the point where it has p 
entered the double-decker bus jj 
market — thus taking on B 
Leyland. Its turnover, with B 
some contribution from the 2 
Eagle bodybuilding business also 1 
owned hy Hestair. reached £26m £ 
last year, of which £J5m came 8 
from export sales. Profit was / 
£2. 53m. And the Guildford site ~ 
Stas now been bought back so v. 
Dennis unce again has the free- ■ 
hold of its old plant. 1 

So Britain's specialists now 3 
seem to he sufficiently nimbi? " 
on their feet and flexible in 
approach not only tn survive I 
but. in their own quiet way, see 8 
some steady growth. su 

K.G. 




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m&SwsSphBK ••• ^ *Jts 

An ERF four-axle rigid unit for 30 Ions gross vehicle weight operation. 


jr'-i,. :jg ga* 

>s; ■ 






A truck crossing a city. A truck crossing a continent. A bus carrving tourists, or workers, or school- 
children. Vehicles named Fiat. OM; Lancia. Unic. Magirus-Deutz. This is: the world of Iveco. 


Iveco: a world of experience* 

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> COMMERCIAL VEHICLES X 


i ! ? .s* 

J »*A .• 


Financial Times Monday September 25 1978 j | g f 

TBftltERS I f 


a 


‘ r : , ■ 

■ ■ 

: • !. * 

. fa -.S 

■ t» 

f f 


AS^JN vehicle production, the 
mats characteristic of the Euro- 
pean trailer industry at present 
is its increasing concentration. 
The next decade or so will prob- 
ably establish a much more 
permanent structure in the 
European industry, although the 
ftiir benefits of rationalisation 
and the use of common design 
techniques will depend on poli- 
tical pressure and the speed at 
which the EEC brings together 
a new formula of weight and 
size regulation^ for European 
vehicles. 

The market which the remain- 
ing manufacturers are aiming 
for is a healthy one by world 
standards. It probably accounts 
for about 100.000 units a year, 
and generates a turnover of 
about £SO0m. an amount similar 
to Nnrth American sales. The 
UK is probably the best of these 
sales zones hecause of the pre- 
ference for road as opposed to 
rail transport in Britain, fol- 
lowed by Germany, France. Italy 
and the Netherlands. The lat- 
ter's -significance is based upnn 
its. position as a European 
entrepot. 

This European market, how- 
ever, is not as simple as it 
seems at first glance. Although 
of similar overall size to the 
U.S., the product demands in 
different countries vary widely. 
Befnre any manufacturer can 
enter a new market, he has to 
sort nut an enormous variety 
of detailed specifications on 
questions such as axle weights 
arid dimensions, which although 
only marginally different in 
themselves, can mean significant 
chances in manufacturing. In 
addition, each country varies 
enormously in the spread of its 
vehicle stock between trailers 
and semi-trailers. 


For example.. drawbar trailers 
in Briiam. where total trailer 
stocks are believed to stand at 
between 165,000 and 185,000, 
are not yet used at the higher 
weight levels, although there 
have been experimental moves 
in This direction. But in Ger- 
many they are very popular, 
accounting for the majority of 
trailers (about 80,000 against 
43.1X10 semi-trailers), as in Italy, 
where the drawbar stock Is cal- 
culated at about 50,000 units 
against 12.000 semi-trailers. 

France, by contrast is a 
strong semi -trailer market, with 
slocks reckoned at about 100.000 
units against 11.000 drawbars, 
and the Netherlands also shows 
a bias in this direction, with 
32.000 semi-trailers and 10,000 
drawhars. . . 

Within the European context, 
the iwn U.S. companies. Frue- 
hauf Corporation and Pullman, 
the market leaders in their own 
country, have made all ihe run- 
ning so far. Like the American 
vehicle manufacturers, they 
seem to have been quicker, per- 
haps because of the Continental 
scale of their own domestic 
manufacturing, to latch on to 
the idea of an integrated Euro- 
pean approach. This has meant, 
in the first place, establishing 
independent national manufac- 
turing or marketing units in in- 
dividal countries, although as 
Europe comes together, these 
will presumably be welded into 
more tightly knit groups. It is 
an open question now whether 
any nf the indigenous European 
manufacturers can expand to 
challenge this dominant posi- 
tion. 

The main indigenous indepen- 
dents in Europe are Kassbohrer 
in West Germany and York 
Trailer and Craven Tasker in 


the UK (although York has links 
with a Canadian trailer pro- 
ducer). These companies are 
welt-based financially, but they 
do not have the spread of 
European interests which the 
larger U.S. groups can call nn. 
York Trailer is investing in the 
Low Countries at the moment, 
and has long had some assembly 
facilities there. But neither 
Kassbohrer nor Cravens has yet 
established an international 
manufacturing position, which 
could be a significant weakness 
because of the cost of delivery 
■for trailers. 

Trailor, in which Pullman 
has 58 per cent, also has some 
way to go to become as widely 
spread as Fruehauf. Its base 
in France is strong, and it vies 
with. Crane Fruehauf in the UK 
as the largest Individual manu- 
facturing resource in Europe, 
producing well over 20,000 units 
and holding more than 30 per 
cent of the French market. But 
despite establishing itself for 
manufacturing in the UK. it has 
not yet developed a significant 
position in this country. 

Fruehauf. by contrast, has 
established a base in the three 
major markets. It owns 98 per 
cent of Ackermann-Fruehauf in 
Germany, where it is reckoned 
to have about 20 per cent of the 
market, has a wholly-owned sub- 
sidiary in France, where it also 
has niore than 20 per cent of 
the market, and now owns I00 
per cent of Crane Fruehauf 
following the recent, bitterly- 
fought takeover bid. 


Both Fruehauf and Trailor, 
of course, can also draw on their 
U.S. facilities and expertise, in 
much the same way os the U.S. 
vehicle manufacturers 3 re now 
doing. This method of using re- 
sources on a multinational scale 
will be the main challenge faced 
by the smaller national pro- 
ducers in the years ahead, and 
their answer is likely to be to 
look for increasingly specialised 
niches in the market 

York, for example, has gone 
for an integrated approach to 
its manufacturing, trying to get 
the maximum amount of added 
value out of its resources. 
Cravens Taskers has become a 
specialist in low loaders, and re- 
cently it took over Boalloy. the 
company which developed a 
new method of manufacturing 
tilt trailers, the curtain-sided 
vehicles which, have become 
popular throughout Europe. 
Freight Bonallack is another 
specialist, in the refrigerated 
vehicle area. 

One encouraging feature for 
the trailer companies is that 
they should have a reasonable 


OFF-ROAD 


market to aim for over the next 
year or two, particularly in the 
UK. While sales in the rest of 
Europe, reflecting the general 
heavy vehicle market, may be 
slightly down in 1978, they 
should not plumb the depths 
which hit the industry in 1974- 
75. In the UK, the prospects 
are for a similar, or slightly 
better, year than last, when the 
industry finally pulled out of 
the recession and achieved unit 
sales of about 17,500. 

The figures so far, in fact, in- 
dicate that the trailer industry 
will not follow the growth curve 
in commercial vehicle registra- 
tions. It is possible that the un- 
usually high rate of growth in 
19# i, when many customers 
were forced back an to the 
market because of their de- 
teriorating stocks, has soaked 
up any extra expansion that 
might have been expected. But 
the. companies that have sur- 
vived from the drubbing of the 
mid-1960s can now probably 
look forward to a more stable 
future. 

T.D. 



The new Craven Tasker Tasklift low loader in operation by Hallet Silbermann. ’■ 


Monsters free to roam 


Jointly 


UK TRAILER PRODUCTION 


Tear 

Units 

Value. £000 

- 1973 

22,169 

43,121 

: 1974 - 

19.066 

51.170 

1975 

11.024 

38.571 

1976 

13.497 

51,047 

1977 

17,500 

— 


In addition, it owns the Netara 
company in Holland, and has 20 
per cent of Forss-Parator, a 
group held jointly with Volvo 
and Scania, with plants in 
Norway and Finland. 

Following the takeover of 
Crane Fruehauf, the European 
group is now being pulled 
together to develop a more 
integrated approach to manufac- 
turing and marketing. A Euro- 
pean organisation has been 
formed, with headquarters in 
London, to look at com- 
mon manufacturing standards. 
Eventually it can be expected to 
develop a more rationalised 
method of supplying com- 
ponents, and also of standardis- 
ing particular model lines in one 
area. 


WHEREAS THERE is a limit 
to the weight of a load which 
can legally be earned along the 
highway, with off-road vehicles 
the sky's almost the limit Euro- 
pean manufacturers in the main 
are currently making a 50 ton 
payload the cut-off point to the 
ranges they offer. But they are 
by no means content. 

The trend for users to demand 
more from an individual tmek, 
visible in the on-road truck sec- 
tor for some years now. is influ- 
encing the off-road sector too. 
Most of the manufacturers are 
looking towards the introduction 
of vehicles to carry 100 tons, 
while some already have 85- 
tonners on offer. And the UK 
is probably the most promising 
market in the world for 85- 
tonners. thanks to the activities 
of the National Coal Board. 


The future for the off-road improve communications and to i market for _ off-ro ad; trucks, is exciting territory for A-B and. 
monsters has looked bright for handle an increasing volume of fraught with politiml>probiems following a £750,000 order fqr 
manv years now. In.the words of *»££■ and cash . shortages, so. that .12 30-tonners from Argentina. 

Mr Bill qho«ia r*A of "The ne ed to conserve water even those areas with , mines the group is looking at -the 

RiacWnnrf 0 SHaO *' resources and improve agricul-; which provide much of their possibility of an- assembly plaint 
Snun Shirt it 1 th* U1 wior?i?R tural prediction requires the local wealth are not buying-any there. 

Shir Sf Mrth construction of dams and irriga- capital equipment at much of a Competition, for European 
movina "ThP^Jnn tion schemes on a very extensive rate. Elsewhere in the world, companies like A-B comes 

tiSf wwid MDulation eiowth" scale ' To meet the wopld,s even North America has. seen mainly from North America. 
SndMhe nledTo DroridTiml enersy requirements oil and a slowing-down in major ■ civil Whenever there is a reasonable 

MaI Production must be in- engineering projects in recent enter for off-road, trucks up;: for 


proved living standards are in- “"f ens,n 

creasing the 5 demand for food, SSL wSf 


grabs,- Terex, . ;the . General 



raw materials and enerCT Strip schemes bu,,t wberever water So the overall picture for. the Motors subsidiary, Caterpillar, 
mmi” ' operations in *Afr£ po £ er 15 available ” off-road truck makers i s j*ther Wabco / -XWestinghouse A\r 

Amalia - Canada "ad S Certainly in the UK, even difficult There ar e orders to be £rake) and. Euclid-(now owped 
Um ? ted Kingdom ie betiig ei W1 , th - € , 00 " 0mi 1 c •«* * had but price competition is ^ West Germany’s, Daimler- 

panded to frodure morecoal. the tremendous. Theprobfem fcttat. »»» line up in compeU- 

Sffi “r ST,"ot^r And more and more these 

Docks haiWsand S’ 1 ®? ‘J xeasdnaWe. Tbe Mattonal in ^ technical sperifcatio^of days Komatsu of Japan fl unk- 

^ 1 ™!$ Coal Board, potentially the: big- truck* thev Have nff#>r mg its presence felt, even m 
® est customer, needs vebiclS ort%s are- won on ' b * TJK ' where * offerin « «* 

open-cast mining projects tonners. Hut then it was always 

SSS parts “ftheworW. S Mdiur Rearing “spoil” at deep amonj custoinem. 

H w ’ mines. However, as with most th^ serviep baek-un he ^Tnvtd#^ last year had sales equivalent 

— nationalised organisations in the ^ discount he is wLUins to to $L9bn (£lbn) « three-quarters 

UK. its ordering programme on £?32 price <* which were of construction 

tends to be somewhat erratic. - ,•? 0 m . p *. equipment would want to 

The main problem for" the * 1 ' ' ■ * ' match .its major rival Cater- 

vehide manufacturers has been AUClIOu pillar right through the con- 

the virtual drying-up in Britain • T struction equipment range, 

of major civil engineering pro- Mk-Jw* Gifford, sales director For some reason. Inter- 
jects during the’ past two to A7 ?ling-Barford, sums up the national Harvester and another 
three years. The roadbuilders, situation with the comment : major North American truck 
for example, are not getting “Eveiy deal these days turns maker, Mack (part of the Signal 
major projects any more and a auction. . There is Companies conglomerate) _ are 
therefore do not require the big Plenty of husmess but tremcn- not '• as aggressive inter- 
dump trucks which come into dons competition among the nationally in the off-road sector 
their own when huge quantities manufacturers. The UK used as. their importance in the U.S. 
of earth, aggregates and so on to be free from this type of might suggest 
have to be shifted quickly. thing, but there is now sq much And the European manufac- 
The same can be said for the over-production of dump trucks hirers of off-road trucks, such 
rest of Western Europe, tradi- that the situation is the same: as F&un of France. Kockum of 
tionally a major market for off- at home as- overseas." Sweden, the ■ tw o Italians 

szjsfc. js±rs?usi'& 




ahead at a much slower pace 


than originally planned, while with capacities ranging from 17 and safety regulations which 
mining activity in Spain has tons to 50 tons, most of them have become an increasing con- 
come almost to a halt perhaps carrying “Centaur” insignia.- . sideration in the industrialised 
because of a lack of confidence T° prove his point about the world. Noise, for example, is 
about the Juture among the ord e™ heJOS available; Mr! a major consideration. It is 
owners. Gifford pointed, to' the fact that possible to absorb ..the engine 

The Middle East is no longer A-B secured worldwide orders noise so that the decibels in 
the buoyant market of a few for dump trucks valued at' more the cab are at a tolerable level, 
years back and demand is dry- than £3m in a 10-week period when you absorb noise, you 
ing up. In any case, Middle East recently. The machines went-to. aba ? rb P° we .r- . 
customers have often shown a Australia, Ireland; . other parts And tbemajor constraint on 
preference for very heavy on- of ' Europe, ' Africa and the “ e °* . an off ; roa d . truck 
highway trucks which are speci- Middia East - - '-.v . . ^amT the load it can carry is. tyre 

ally reinforced to take the A-B is so pleased with the te ftmoi°gy. In this case you 
strain of belting across the way that demand fe pmb ^AHT jg : might even say that the truck 
desert. Such vehicles are suit- in Australia,- from-^tihf 1 open- the tyre, .for 

able for long hauls, whereas the cast mining and quarrying .j first ” lin ? f designer con- 
normal off-road truck Is designed industries/ that it is setting up ®J* 1 * ^luen planning a new 
to carry heavy weights short an -assembly plant for Cen la ura ' v * W vtrf ^ ^ -? £ ^ Te 

distances over rough terrain. in Sydney. requirea. 

Africa, potentially a major Latin- America* Is another ' ' K-G. 


JJSPSWJC. — ■■■ ■ ■ 


Anyone who is in business to 
generate profits cannot afford to stand 
still. On,to ignore any ot tlic angles. 

One of^'hich'is the trailer rental option. 

Traditionally, people enjoy 
owning things. Even trailers, viewing 
them as “assets” to be depredated 
against tax. And while it is a defensible 
point of view, the counter-arguments 
are even more powerful. 

Renting trailers from TIP keeps 
your capital intact. And your credit 
lines open. 

It makes financial planning less 
of a guessing game. Renting costs can 
Jje predicted precisely in advance. Cash 


can flow more smoothly. And as the 
trailers roll out, the prolits roll in. . 

Because renting trailers from TIP 
means you can match your fleer ^irc to 
your need-, at any given point in time. 
Seasonal flucruations. peak loads, new 
business, TIP can help you take Care 
of them all. 

No other trailer rental company 
in the U.K_ or Europe has more 
experience in helping companies to 
deliver the goods. No other trailer 
rental company can offer such a choice 
of trailers from so many conveniently 
sited depots. No other trailer company 
ii^s a more advanced daia retrieval system 


improving maintenance, rive control 
and repairs. Overall costs are reduced by 
accurate nionitorinc. 

)f you'd like ro know more 
ab>->ut the kind of deals only TIP can 
otter, dial Watford 48311 today, and 
your TIP area manager will be in touch. 
Or diop a line to Transport International 
Pool Ltd. Star House, 69/71 Clarendon. 
Road. Watford, Herts. 

Telex: 8973-6. 

No o- her trailer PjjLamSI 
rental company works f TWO 1 
harder than TIP. J 

Vi fi nd it’s the 

only w a» to stay ahead. a etss aaww* 





The Aveling Barjord Centaur 50, a SO-ton payload dumptruck f ihe largest of the 

/Centaur range. . 








a*i 


^Financial Times Mondav September 25 197S 

OUR WHEEL DRIVE 


COMMERCIAL VEHICLES XI 


1 ? 

Ati 2 



A broader market 








-A. ' THE European saloon 

\ idustry locked in a battle 

n, ’*~' 6 irvivaj. the prospect of a 

■ >, rely underdeveloped mar- 

just seem like the answer 

' i ?-'4 V- P ra - Vpr - T^e off-the-road. 
J •>. terrain market is not 

^ __ Vy. that, but it has certainly 

t* i A ‘V.led a previously un- 

$. ,/ X- j. Sorted strength of demand 

- . ' p } jrtas opened up new sales 

/ • Si ew niodel areas. 


-irr leisure activities, with 

two models like the 
Rover becoming status 
*&*£■"*+ - " ils. In ti, e process new 

its to the market-place 
shown a tendency to lean 
Z > 'ry ds light commercial 
. * _*•_ .y \ for certain major mm- 

. '"Vi//.. •.•'* “ -t- or to nwe allegiance 

^StfV -V v - : - it jate cars, a growing pro- 

: X/*n Of which these days 
<i-tV*'ve as commercial and busi- 
•ivehicle*. Some, when the 
' windows are boarded up, 
almost indistinguishable 
the vans they are derived 

interesting example of the 
fashion is moving is pro- 
by Ghrysler’s Matra 
to from France, though 
ly this is not an off-the-road 


Y f\ 

m 1 a) 

1 KJ 


o 

cm 


vehicle, having no differential 
lock and no four wheel drive. 
The French call it an M all : roads” 
vehicle, which implies more 
over there than it does here. 

The Rancho is based . bn the 
associated Simea van floor pan 
with modifled Alpine' running 
gear and a glass fibre .rein- 
forced body on: a metal, frame. 
The bold emphatic staling gives 
it a safari-like, he-man image 
which, whether it appeals per- 
sonally or not has. to be 
acknowledged as a trepd.sctter, 
albeit with a greater affinity to 
the King* Road than - to.AVelsh 
Iiill farming. ' • - '}.•/■ - 

I« was not launched’in’ Britain 
until May. but since 'then sales 
have mounted to 45ft. to help 
swell the European tb'tttl ;in the 
first seven months of th^yedr to 

5.681. Significantly, Imports 
next year are exppcted' 4 p. reach 
2.500. unless by then Peugent- 
Ciiroen has acquired Chrysler 
and has differcnL ideas. . 

‘ In this country the' concept of 
using van mechanical*- is be- 
hind the Yak Yefunaji,. pre-pro- 
duction models of which are 

currently being made by Man- 
chester Garages. The intent 
behind this venture is far 
different from the- Matra 
Rancho, being aimed primarily 
at Third World markets where 
assembly and servicing arrange- 


ments are likely to be rudimen- 
tary. Ingeniously and as simply 
as possible it bridges the gap 
between the sophisticated in- 
dusiriahscd w-orld and the large 
tracts of Africa, India and South 
America (which will be one of 
the first markets) which arc still 
at the other end of the learning 
curve. 

The Yak will use Escort 
mechanicals taken at the appro- 
priate points from the van 
assembly lines, so that engines 
wall be delivered to: Manchester 
Garages (Motor Craft), the new 
company set up to exploit the 
project, complete with fans, 
belts, carburettors, dynamos and 
other attachments. -The roar 
axles are being modified- to in- 
corporate the . Suredrive auto- 
matic differential lock .invented 
by Mr. Bob Stood ley, Manches- 
ter Garages- chairman. 

This employs an indexing or 
racketing device of the sort 
commonly used in plant and 
machinery which allows the 
outer wheel to freewheel on 
cornering. Power to both wheels 
is restored when they are rotat- 
ing again at the same speed. 
When one wheel loses traction, 
power is transferred to the 
other and the racheting effect 
can occur several times a 
second. 

A power take-off is also in- 


corporated so that if the worst 
comes (o the worst it is always 
possible to winch the vehicle 
out with the help of a suitable 
anchor like a tree or stone. 
Otherwise, helped by a two tn 
one reduction gearing, it can 
climb' and restart on a 1 : 2 } hill 
subject to wheel traction. 

Besides the rear axle, the Yak 
Yeoman employs the heavy duty 
Escort van suspension. The 
chassis is another example of 
ingenuity in combining sophis- 
ticated materials in a simple 
way. 

The chassis is in seven parts 
in tubular section. Any part 
can be joined or taken apart by 
a good amateur mechanic*, it is 
claimed. The body panels are 
in T-I's new Su perform light- 
weight alloy which gained 
prominence recently when used 
on the body shell of the Aston 
Martin Lagonda. Detailed 
design work on the Yak has 
reduced the number of different 
panels needed to only six. Thus 
the wing pressings fit either 
side of the vehicle, back or 
front and the dash panel will 
accommodate either left- or 
right-hand drive. The body 
panels stack compactly to 
enable six crated Yeoman kits 
ready for assembly to be packed 
In a' standard 20 ft long con- 
tainer. 



he Lada Niva from the 


Togliatti factory in the USSR has a short wheelbase and overall length of only 
12fh 2 iM.-r /: - . ... • 


Fifty-three pre-production 
vehicles are heins built and as 
an indication of where the 
markets are being sought 40 of 
them will have left-hand drive. 
The first models will be soft top 
only; with hard top versions 
following in about two years. 

A third example of the way In 
which '/existing components 
(from, different manufacturers 
in this case) can be harnessed 
together to produce an entirely 
different; animal is provided by 
Stonefield Vehicles. -a Scottish 
enterprise located at Crumnock, 
near Kilmarnock. These are 
substantial four-wheel drive 
vehicles having payloads from 
1 j to 3 'tonnes which extend the 
British range beyond that of the 
Land Rover. This again is a 
project in which a Government 
agency fcas taken a financial 
interest.- -The Scottish Develop- 
ment Association has injected 
£3m and now has a 75 per cent 
share. 

Automatic 

. The power units are standard 
Ford Mitre or Chrysler 5-litre 
engines .with automatic gear- 
boxes 7 allied to Ferguson 
Fomtila units made by Borg- 
Warner. tiiat deliver two-thirds 
power to the rear wheels and 
the other third to the front. A 
self -energising clutch auto- 
matically locks to prevent wheel 
spin. A. wide range of ancillary 
equipment can be powered from 
four different take-off points, 
two at the rt'iir and two at the 
front. : 

Even in its ha sic form it is a 
sophisticated piece of equipment 
built to rugged standards that 
make.it. equally at home on 
Army duty — it has scored well 
in defence authority tests — as 
a fire service, mobile workshop 
or personnel carrying vehicle. 
Production is progressing 
towards.an eventual 50 a week 
c'apacfty~wiih a strong export 
potential. 

The Yak Yeoman and the 
Stonefield team up rather than 
compete with Rover, the major 
UK producer of off-the-road 
vehicles, and will help to defend 
the home market against in- 
creasingly keen competition 
from '-America, Japan and 
Eastern Europe. Ever since the 
war Land Rovers, supplemented 
in more recent years by the 
Range; Rover, have enjoyed a 
virtual /monopoly in the home 
market; besides being a familiar 
sight in many foreign lands, in 



















A Stonefield 4x4 on /off highway vehicle, which can ford water to a depth of 3 ft. 


particular the Middle East The 
new competition provided by a 
wide range of imported vehicles 
has perhaps done more than 
anything to stimulate BL (as 
British Leyland now likes to be 
called) into a belated pro- 
gramme to maximise the poten- 
tial of the Land and Range 
Rovers and the expertise that 
has helped to give them a world 
renown. 

Annua! output has for some 
time been running at 50,000- 
60,000 units, with 40.000-plus 
Land Rovers and 10,000-12,000 
Range Rovers. This is being 
pushed upwards, with £13m 
being spent immediately on the 
Range Rover and plans to intro- 
duce an extra shift at the Rover 
plant. But targets have been 
missed because of industrial 
action at supplying factories 
and resistance to late night 
working because it is considered 
unsocial. 

Nevertheless. £248m is 
scheduled to be spent on 
doubling production. This 
would help to reinforce Rover's 
prestige position in world mar- 
kets and enable it to defend its 
home market more effectively. 
Time, unhappily, is not on the 
British side. The number and 
variety of competitive vehicles 
being brought in is increasing 
all the time. 

One of the persistent seekers 
of a larger share of the market 
is the Jeep division of American 
Motors, which makes a range 


of Cherokees within an annual 

160.000 unit ouiput, starting 
with a two-door basic model at 
almost £ 8 , 000 . which is under 
»:he Range Rover price, and 
going on to the Chieftain at 
nearer £10,000, with automatic 
permanent fwd available. The 
junior Jeep C.J. a near equiva- 
lent to the short wheel-base 
Land Rover, with manual or 
automatic drive, is perhaps 
better known. 

Since the launch in March 
with 30 dealers the Cherokee 
has attracted another 20 dealers 
in all three countries and sales 
have been sufficiently promising 
to make the concessionnaires 
think in terms of 700 Jeep sales 
next year including 45D Chero- 
kees. with the remainder the 
smaller CJs. 

Contenders 

Two contenders from Japan 
are the little Daihatsu and the 
interesting Subaru fwd, estate, 
both with 1.6-litre engines. The 
Daihatsu looks a stubbier ver- 
sion of the Land Rover, lacks 
its pto facility, but is cheaper 
and seems to have been well 
chosen for its market About 

1.000 are being brought in this 
year, of which about two in 
three will be soft-tops, and a 
similar number oE imports is 
planned for 1979. The Subara's 
fwd enables the estate version 
to fake to the countryside with 
some aplomb and marks it out 


as an exceptional vehicle in its 
class. 

Another newcomer currently- 
undergoing type approval test- 
ing is the Lada Niva from the 
Togliatti factory in Russia. This 
is a short-wheel-base hatch-back 
saloon in permanent fwd at 
present only in left-hand drive 
form. Initial criticisms of vibra-' 
tion and excessive transmission 
noise have been taken up by 
the factory. Some 400 are ex- 
pected to be available for distri- 
bution by the end of the year, 
with a programme to import. 
1.000 next year. 

Still another newcomer being 1 
demonstrated to the trade in' 
left-hand-drive form is the 
Romanian designed Portaro,' 
with a Daihatsu 2.5 petrol or 
diesel engine, which will be yet 
another competitor for the Land' 
Rover. This is the Portuguese 
version of the ARO imported* 
in small numbers three or four 
years ago. It uses a number of 
domestic and European compo- 
nents. like Girling brakes, and 
has a 60 per cent non-Romanian 
content. It is intended to im- 
port 1,250 next year. 

While none of these and 
other contenders for the market 
may excel the Land Rover or 
Range Rover in performance and 
ancillary facilities, do they need 
to? They illustrate quite 
dramatically the- speed with 
which.tbe market is broadening. 

Peter Cartwright 


IV O jfe 

"»iv« I jawa. 1 (T~ 
SCO. MO — i| 






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Leyland Vehicles make the biggest, most 
comprehensive range of commercial vehicles in 
the world. 

That means we can supply exactly the right 
vehicle for your particular operation. 

Plus the best package of support services 
in the business, backed by the most comprehensive 
specialist truck service network in the cour y. 

Before you buy your next comme Jil 
vehicle, check with your Leyland Truck Distributor: 

You’ vegot a better chance of findingit there, 
than anywhere else in the world 






COMMERCIAL VEHICLES XII 


Jjaandal Times Monday September 


Drift towards 




/ 


'ij MOST OF the big European tain component, but they all 
Jv vehicle manufacturers make a assemble the commonly- 
?! lsrge proportion of their truck designed vehicle independently. 
■;vi components within their own The Club truck has proved 
?! operations. But a strong direr- expensive to make, and it is 
£ gence of opinion has emerged in uiilikefe- tnat this particularly 
■jj-. recent years as to whether this ambitious form of co-operation 
5. process has a long-term future, "'ill be tried again. But a 
e Some component producers, par- number o: producers are work- 
i[ ticularly the American manu- in? ° n simpler forms of joint 
!*. facturers who have invested component manufacturing: 
f r ! increasingly in Europe in the l' - ECO and Daimler-Benz, for 
I' last 20 years, believe that there v X2m plc. are talking about the 
V' will be 2 gradual trend towards Production of a new automatic 
/, the use of more proporietary transmission for urban buses. 

•i: items made by independent. The third approach is for 


specialist component manufac- manufacturers to use proprie- 
turers. ury iiem?. made by specialist 

crnipf-ncni manufacturers who 
Whichever way the argument are ablr r „ pIan /ur iarger 

goes— it is probabiy balanced volumes hy selling to a range 


on the side of the truck pro- a in biers, and who should 
ducers at ihe moment— —there is able t<* produce more effec- 


n " doubt that a lot «<f the designs because of their 
emphasis in the commercial in-house specialism. This kind 


few years will fall on component „ f industrial structure i- strnug 
development. This is partly in the v.S.. and is much mure 
because the biggest scope fur developed :n the UK than else- 
reducing the costs in producing where ;n Western Europe. Th*> 
vehicles lies in cheaper com- British industry has always 
ponents. which account fur all tended t*» have a high degree 


the single high-cost elements in tt[ b, lL ,...h;-.iut components — 
construction. At the same time. Lord Nuffield. in particular. 


the demands for better fuel built his roiupany mainly as an 
economy. improved safety a sem bier — and the trend in the 



features, reduced emissions and t_'K is. J anything, strengihen- 


iower noise levels are all j n a under .he influence of the 
creating additional demands for u.S. companies who have now- 
component re-design. e.>rabii>h-d themselves on this 

The twin pressures created side uf the Atlantic, 
by the need for reduced costs m 

and new designs Ls pushing fj] 91 II PS 
vehicle manufacturers inexor- * 
abiy towards new patterns in The three main areas of 
manufacturing components, development for the proprietary 
They can go. in effect, in one manufacturers at present are in 


Assembling gearboxes for henry duty trucks at Eaton’s Basingstoke plant. 


assembly plant in West expansion scheme designed to 
Germany. The expanding ueed double production, 
for light diesels, created by the Gearboxes are probahly the 
demands for more economic next most prestigious items in 
fuel usage, has also led to the a truck after engines, and in 
creation of a joint Fiat. Saviem, ihis field the proprietary pro- 
Alfa Romeo venture in ducers appear to have been 
southern Italy to make units of making considerable advances 


France. This plant, at St. 
Nazaire. is capable of producing 
about 24.000 transmissions, and 
is additional to its present gear- 
box capacity of about 60,000 
units in the UK 


of three different route 6 towards engine?, gearboxes and axles. In }*} 15 kind the rate of about at the heavy end in recent 
th:s end. In tile first place they Uv* engine Held, most European J-*U.OOU 3 year. In the UK, the years. ZF, the German manu- 


can aim to become large vehicle producers are still quite ® e d/ord CF is nnw being fitted facturer. and the largest 
enough individually to manu- -.veil established. Indeed, in w,th a di ? sel engine derived indigenous European producer. 


facture in-house at high volume many way? engines are still f roni hs sister company, Opel, has always had a strong 
levels. This means that the seen es a basic factor in deter- in Germany. position in its domestic market. 


company can get internal econ- mining a character nf a truck: Proprielary manufacturers where Daimler-Benz, despite 


nmies ot scale, thereby reducing to be an engine supplier means have had much more success in its general preference for in- 
manufacturing coats, a, id offset- that the producer qualifies as a supply engines in the UK than h °use production. . is a major 
ting development expenditure significant engineering force in anywhere else in Europe, user. More recently, ZF has 
againit the larger volume, his own right. For this reason, Gardner, one of the longest been quoted for a contract with 
Mercedes is the prime example coilahorathe moves are limited established independents. which leyland Vehicles in Britain, 
of a company which ha« set its m the engine field, although was recently taken over by The main expansion in this 
eyes on tins type of approach in Daimler-Benz and MAN in Ger- Hawker Siddelev. is a major field, however, has come from 
ihe last decade. many make some component producer for the bus and the European subsidiaries of 

.The second alternative is for parts for each other, and the quality truck market, making the two large U.S.- gearbox sup- 
manufacturer; to group them- creation of the IYECO and about 5.000 units a year, and pliers, Eaton and .Dana. Eaton, 
selves together to make common Berliet Saviem groups will Cummins, the U.S.-based com- in particular, has been intent 
part; or buy from each other, create some rationalisation. pany, has made a big impact on establishing a pan-European 
Tilt Club of Four truck. .Among smaller engines, the since it put down a plant in presence in gearboxes for 
developed by DAF, Volvo, mo*>t significant recent develop. Scotland in 1956. It now makes trucks of about 8 -tonnes gross 
Magirus Deutz and Saviem. is ment was the decision by Volks- about 11,000 units a year at its vehicle weight and upwards, 
the classic example of this wagon to buy a Perkins diesel plant in Shotts. about 70 per and this was dearly one of the 
approach. Each manufacturer unit for its new LT panel van. cent of which are exported, and determining factors to estab- 
spedalisgg in supplying a cer- This led Perkin- Jn establish an is currently engaged in a £25ni lish a new gearbox factory in 


In the UK. Eaton is a con- 
siderable supplier to Ley land 
Vehicles. Ford fit has 200 per 
cent of the transmissions on 
Lhe Amsterdam-made Transcon- 
tinental). Bedford. Seddon 
Atkinson. ERF and Fodens. The 
only Chrysler trucks it supplies 
are the units in the Barreiros 
vehicles made in Spain. On the 
Continent, its position is not 
quite so widespread, but it has 


expanded quite considerably fp 
rhe last fire years. The" com- 
pany has supplies going into 
rVECO vehicles made in Iialv 
and Germany. 

In addition, it sells transmis- 
sions to MAX in Germany. DAF 
in Holland and the new Berliet 
Saviem group in France — every 
heavy Berliet truck now lias. 
Eaton transmissions stated . as 
au option. 

Eaton's main independent 
competitor in the UK is Turner 
Manufacturing, the subsidiary 

nf Dana of the UJS.. which is 
well established as a supplier to 
Leyland and is * particularly 


stron* in units for medium-size with the development of Koch- 
vehicles. Rockwell, another -VS. well Bremse in. Frankfort, 
group also has a minor interest which at present machines. units: 
in transfer boxes for' off-road used in the U.S., but which is 

•vehicles. . expected to., develog full-scale : \ 

— Two of these .U-S .-controlled manufacturing. In .atf&tint^; 

manufacturers, Eaton and the US-based Xnfiuik 
Rockwell axe also well estab~ Standard group has- established . 
lisfced in the axle industry, a strong position, in the Genka?; 
alongside the other significant market through its We&cB.sulK 
independent European sup- sidiary. recently reinforced . by- • 
pliers, SOMA of France and the Clayton.Dewandre acquis*-. - 
Kirkstall Forge, the GKN sub- tion- in the UK.- . . . 

sidiary. Eaton, again, . is. •' All these.- tteyetopments^sboii .. 
probably the largest of inde- that- "the drift towards in d^pep. -. 
pendents in this area, making dent component manufacturer^ . 
about 40.000 units a year, and is now- well- established. -!t"b£ 
'about twice the size of SOMA; not likely, over the -mediunj- ■ 
Rockwell is a little smaller than term at least, to go as far as it 
SOMA, while Kirkstall Forge- has in the UjS., where only, 
probably makes . fewer t h a n Mack exists as .-a highly xertik . 
3,000 units. cally-integrafed producer. Ohft 

reason is that manufacturers 
m*-* j like to be. known for the engines. 

LV1IX€U . .. they .produce.. -Another is that 

mu . nlit nf markets between many' European companies: 

- The split of markets oeiween . wnaid difficult ^to shift 

S cnvi u frora in 'b° use production b&. 
mixed. SOMA fpr example ^ ^ th<fbias towards pr £ 

a big supp tecting established jobs: this u 

mdusn^'. andalso factor behind Leyland's decS 

or • . „ sion to remain a big manufac-: 

* rtie ^TM. Bedford has tur * r of components, and it. is . 

& .SS “j-s * ■ 

chosen Rockwell axles but an sation at Saviem Berliet. , 
Eaton transmission. At ERF, The third factor lies m the 
one of the fastest growing of high labour rates in countries 
the small independent producers like .Germany and Sweden; ft - 
in Britain. Kirkstall has strong would not make sense, for '■■the 

links. In Sweden, Eaton has v eh'de • producers va these 

made a significant breakthrough regions to be simply assemblers. 


-by selling axles to Volvo. SOMA competing with similar organi- 

• - l <• n . ... cif-lniur frAWl lnwrnr A«c*' iA 1 * 


supplies the Club of Four- truck, «tions from lower cost' areas. 
but Eaton is also moving into They have to have. the., highest 
this range of vehiides. This added - value ".possible - -'--per 
patchy development suggests vehicle. For this reason, the 
that the independent axle sup- Swedes remain the strongest ■ 
pliers are strengthening their e-varaple nf rhe vertically ime- 
grip over a wide range of the -firated nYanufacturing -concept 
industry. in Europe to-day. TF they begin 

. e ij to buy-in components . in’ areat 

Another field of component . _ . , , 

... ...v,- l, numbers, the American system 

supply which has been deve- ,„ {M . , . 

, . T . c will nave truly arrived in 

loped by us companies is in 

heavy-duty brakes. Rockwell £ ‘ ur °P e - 

has been active m this sector, ~. 1 .[). 


?! ft? 
1 ; i*V* 


British prod ucers meet 


THROUGHOUT 
THE WORLD 
YOU'LL FIND OUR 
INGENUITY STOPPING 
PEOPLE IN THEIR 
TRACKS 


For years now, the name 
Bendix Westinghouse has been 
s>7ionomons with ail that is new 
and best in air brake systems. 

The quality and reliability of 
our air brake equipment are 
second to none. That’s why, 
today, Bendix Wes tin. chouse 
are major air brake systems 
suppliers to over 50 original 
equipment manufacturers 
around the world. 

They buy from Bendix 
Westinghouse because they 
demand the best And they get it 
-everytime. 

Bendix Westinghouse 
design systems that not only 
meet original specification 
precisely, but also measure up to 
the stringent demands of world- 
wide legislation. They also 


operate a global network of 
agents and distributors, all 
liighly geared to deliver spares, 
service and general back-up at a 
moments notice. 

_ So when you find Bendix 
Westinghouse air brake systems 
on trucks, buses, coaches and 
trailers from one side of the 
world to the other, not to 
mention a whole range of off- 
highway equipment - is it any 
wonder! 


THE RECENT delivery of the 
fir;i Leyland Titan double-deck 
buses .to London Transport 
ushers in a new era in the 
British bus industry. This 
vehicle carries with it Leyland 
Vehicles’ hopes that it will be 
able to hang on to its dominant 
position in the British — ana 
world — double-decker market. 
It has been delivered ahead of 
its rival Metro-Cammell Metro- 
bus, 50 of which have been 
ordered by London, and 
Leyland believes that it has 
been tested so extensively that 
it should prove to be reliable 
in operation. 

Leyland needs to recover 
from a somewhat tarnished 
reputation in the bus field over 
the last few years. The take- 
over in the mid-1960s of Daimier 
— then part of Jaguar — gave the 
group a virtual monopoly of the 
double-deck market: it has had 
well over 90 per cent for much 
of the time since then. But the 
company was then hit by two 
main problems. The first was 
an apparent decline in quality 
and in the efficiency oF the 
spares back-up sendee, which 
for a time created a great deal , 
of annoyance among vehicle . 
operators. The second was an 
inability to supply to anything 
like the level of demand. 

Both were to some extent 
involuntary problems. For a 
start. Leyland had some diffi- 
culty in absorbing the merger 
with Daimler, and throughout 
the late 1960s and early 1970s 
it was constrained by cash 
limitations because of the 
group’s well-known need to 
support the BL car operations. “ 
On the demand side, it was hit 
by the unexpected change in 
the transport unions' attitude to a 
running one-man douhle-deck ^ 
buses. It had been assumed f 1 
that lhe unions would nor give 1 
way on ihis point, and that the a 
trend would therefore be 'I 
towards single-deck units: , 
instead, the market, began to Fj 
qn hack the mber w-ay, bringing 1 
Wilh it a big bulge in demand. J 1 


U-K. REGISTRATIONS OF BUSES AND COACHES 


Leyland's great strength in 
. this sector is with its National 


British 

Bedford : 

Leyland Vehicles 

Ford 

Seddon Atkinson 

Volvo 

Others 

Total British ... 
Imported 

DAF 

Mercedes-Benz 

Volvo 

Others 

Total imported 

Grand total 

Source: SJMJMT. 


1978 

1977 

tear, stop-start urban work. The 
• National was specially designed 

735 

-860 

for this of course and accounts 

• 2.645 

2,630 

for probably 90 per cent of these 

573 

440 

kind of sales. 

72 .. 

57 

. .The National has not been 

36 

29 

quite the success story it was 

2 

2 

hoped it would be. mainly 

. 4,063 

4.018 

because the unexpected switch- 
back towards double deckers has 

11 

1 

detracted from sales. But the; 

26 

30 

company claims to be building 

87 

45 

■profitably at the momenr at a 

29 

170 

sieady rate of 20 a w*eek. This is 

153 

246 

about half the potent iai"capacity 

4,216 

4,264 

of the plant, although an 
increase would demand some. 


Settled 


Bendix Westinghouse Limited, 
Douglas Road, Kingswood. 
Bristol BS15 UKJL 
Telephone: 927--67188L 
Telex: 4414& 


Sales have now. settled down 
on a somewhat more even, keel 
in the UK. but Leyland still 
needs tn prove a point with 
the Titan in order to fight off 
competition. During the worst 
days of supply shortages com- 
petitor*. were able to establish 
themselves in the UK and drive 
a wedge into some uf lhe big 
corporal inn bus fleets which had 
previously been loyal Leyland 
customers. 

The two main competitors are 
Ailsa, connected tn the Volvo 
commercial vehicle importers 
m the UK. which established 
a plant in Scotland to build 
double deek buses using Volvo 


j; engines and running gear, and 
! Metro-Cammell. based in the 

■ Midlands, which later estab- 
lished a similar operation 

‘ called Metro-Sea rii a, based on 

■ Scania components- Since then. 
[ both Fodens. the Cheshire truck 
! producer, and Hestair Dennis. 

[ lhe small specialist manu- 
! facturer. have announced their 
1 intention nf moving into the 

market and developed vehicle; 

! to do so. 

Whether the UK market is 
big enough to accommodate all 
these interest.; is open to ques- 
tion. Some of the new ventures 
seem to have come into being, 
for instance, partly because of 
the fears of body, builders for 
their long-term future as Ley- 
land goes over tn new construc- 
tion methods fa number uf 
Leyland vehicles are at present 
senr to body builders to bo 
completed). 

lu addition. Adsa has not 
appeared to be a significant 
presence in -the market for the 
pa;t two years or so. One of 
its problems is that it chose 
a front-engine configuration 
which is nor popular with 

drivers because of lhe small 

driver’s cabin it leaves. Blit 
it is still fulfilling some orders 
in Scotland, and is now looking 
for export contracts in the Far 
East. 

Metro-Cammell. however, is 
dearly a significant competitor j 
to Leyland. With its eye on new 1 
contracts, and on the London : 
orders, it has. like Leyland, : 

designed an entirely new pack- 1 
age based on Gardner or Roll.*- i 
Royce engines and a Voirh 1 

transmission. This is also, like 3 
the Titan, a monocoque con- i 
struction, designed for greater 
strength and safery to' a pattern. i 
winch allows more automation ( 
in the construction methods. i 
Bus manufacturers are being t 
pushed into these new manu- i 
facturing methods by the s 
present-day requirements on 1 
safety and environmental pro- I 
lection. The vehicles themselves c 
are having to be built so they u 


d do not crumble so easily in acci- 
e dents. They. are also expected 
»- to vibrate less and to be quieter; 
ri engines are being pushed to the 
n back or underneath to give the 
i. driver better conditions and to 
k reduce noise. At the same time, 
!. Leyland: has pioneered a move, 
- with the Titan, towards lower 
r entry steps so that the elderly. 
i who are big users of buses, can 
i get on and off more easily. 

These developments are of 
3 course expensive, and are going 
[ to put up- the price of member- 
. ;hifr of the double-deck club, 
i Leyland, for example, has in- 
, vested* about £3.5m at its Park 

■ Royal facilities-in London for 

■ its first line to manufacture 
. Titans: This will have a capacity 
. of about 350 units a year, and 

■ the intention is to have another 
production line alongside as 
ordcrsjbuild up. The company's 
plan is to -produce '80 vehicles 
this year, 200 iu 1979 and 350 
in 1980: most of this production 
is covered byorders. 

Leyland’s overall share of the 
UK market this year has also : 
gone up. Against 87 per cent '< 
last year in a market of 2,028 
units l Metro captured 10.5 per ' 
cent and Ailsa -2.5 per cent), 
Leyland has so far this year 
pushed up .to 95 per cent — , , 
1.230 units up to the end of ; 
July. - 

The bnlk of this volume . is * 
still' being achieved by its three ', 
existing models, the Atlantean ij 
and FJeetiine (both made at - 
Leyland in Lancashire) and the'- 1 
Bristol VTR. Between 60 and TO ! 
per cent of these are bodies irr - ' 
Leyland's own facilities at ParR^! 
Royal. Charles Row in Leeds, 1 
and .Eastern Coachworks. . •- J 

In the single-deck bus market K 
including urban vehicles and J 
coaches, Leyland is algo : 
undisputably the UK leader. In f 
the January to August period 11 
ih»s sector accounted for 2.505 * 
sales,, of which Leyland. took; a f 
little more than 48 per cetot. 
Bedford was second with 24 $fer' J 
cent and Ford third with a little v 
under 26. percent . v. 


able manniilg-up. 

Dominant 


e In the coach field, dealing 
e with vehicles used by private 

0 operators, Bedford has the 
dominent position, although- 

5 i sales in this sector are over^ 
r shadowed in volume terms by 
the urban market. The company, 

-j is claimed to have almost 50 per 
cent of these pales, doing 
f particularly well with its YMT ' 

, raid-engined coach chassis first . 

’ introduced in 2970. 

The most encouraging, feature 
- for British producers this year, 
c however, lies in the general pecV 
' forinance of the industry. Otil-. 

■ Put has gone up — indeed 
r Leyland, which, has suffered 

1 such "serious losses in the rest 
of its commercial vehicle group, 

■ has met production targets con- . 
i si sternly this year with its 

1 Tahnur force of 3.5Q0. At the 
same time, imports have been 
reduced. The figures indicate . 
that they were virtually halved, 
in the first seven months of thia 
year from about 240 units . to • 
about 140, against the British 
industry's saies of some 3,650’- ■ 
units. J 

The market overall in Brit&iS. ~ 
Is slightly down— some 3J806 
: units in the first seven months - , 
of the year against 3,918 In the , 
corresponding period of 1077a- 
.The poshinn . overseas is also. 
.rather sticky- at present, because* . : . 
;of difficulties in- some develop* - .! \ 
ing markets.- Nigeria, for,. W. 

ample, which rs now the biggest! -. 
area for UK commercial vehicle, 
exports, has been less buoyant 1 - / 
than in recent years. As time r 
goes no all these markets will’ 
be looking, to create more local 1 , 
content, in their- vehicles. On: 1- , 
the other hand - UK manufac*' * ' - : 
turers believe that they .can: - ’ : 
look forward, to a reasonably '- 
stable market in Britain at pre* - 
sent; and recently more hopes - ; 
have been raised of double deck " 
orders overseas, p/.rticularlv- . 
the Far East.' - • - v - 

T.D. ';. 


MJ. 


1-LLfA 


k 








' " • I 5 ** •, 

' *5\ 



■Financial 'TbBfis* Jffbntiar Septem5er. J 25 IU78 

(NANCE 


Abundant choice 
of methods 


COMMERCIAL VEHICLES XIII 










EsillD 


1 /:.V> • 






THE least important con- 
tion for the user of a com* 
al vehicle is that of 
ins its purchase or re* 
■pent. The choice of 
ds is becoming wider ail 
me with the development 
c forms of leasing and con- 
hire arrangements, and 
arket is both competitive 
i-.erse. As an alternative 
pneinc the purchase him- 
r through a third party, 
iprainr may prefer to rent 
ebicle or — if the move- 
nf freight is not his main 
■ss — he may prefer to 
t-r our the job to a 
list rarrter. 

decision will depend upon 
or factors, including the 
jlar circumstances and 
id the business. What 
the large professional 
r with a highly 
Used fleet may not necfs- 
be the choice of a one- 
ipper operator, while the 
inrin>i rial group operating 
'n lorry fleer will approach 
■ iiiesiinn of finance dif- 
■|y from the loeal shop. 

■ who runs his own 
■ry service. 


Basically, the operator of a 
commercial vehicle or trailer 
has four main options. He can 
put up the cash himself, but, 
with vehicle replacement costs 
rocketing in the last few years, 
this can be a cosily 'business. 
Compared with thr cost of an 
average fleet motor car of 
around £3.500. an ordinary van 
can cost upwards of £5.000 while 
a heavy lorry can cost anywhere 
between £ 10,000 and £20-000 de- 
pending upon specification- 
Furthermore, that buys only the 
cab and power unit— what 
t omes behind, whether a trailer, 
container or box. will -be extra. 
A very basic flatbed trailer, will 
for instance msi at least £3,500, 
while a mure sophisticated 
unit, such as a refriperated 
trailer, will cn-r up to £15,000- 
£20.000. 


Inroads 


At these levels, fleet replace- 
ment costs can make substantial 
inroads into cash flow. With 
profits squeezed by iho trade re- 
cession end competitive rate-cut- 
ting. many hauliers may prefer 
to look to third party financing 


while many 44 own-account " 
operators may prefer to deploy 
the cash in their main-line 
business. 

There are, moreover, tax 
considerations to weigh. The 
rules which make the leasing of 
company cars so attractive do 
not apply to commercial 
vehicles. The first-year tax 
depreciation allowance on 
motor cars is limited to 25 per 
cent (or even less in the case 
of the most expensive models) 
unless it is owned by a specialist 
leasing company in which case 
the allowance is 100 per cent—: 

I he benefit of which can be 
passed on to ' (he lessee 
company in the form of lower 
monthly charges. 

For commercial vehicles, on 
i he other hand, the first-year 
alJnwaure is 1 00 per cent 
without exception. Bur these 
allowances may not be of 
immediate benefit to a small- 
scale haulier making slim 
profits or to an “ own-account ” 
operator paying little ur no 
mainstream corporation lax 
because ot stock appreciation 
relief and other tax allowances. 
In some crcuinstanccs, there- 


ROAD HAULAGE 


'V2M' 


iU 


* c t 3 

V* ! 


to the fore 

■’ACT that road haulage is there seems no justification for tegies of manufacturers and re- 
aken by a large number the re-:m position of capacity t a tiers have become more 
si nesses, most of them contmls as some hauliers have iiitert wined, 
ing only a handful of been urging Mike protectionists All this has led to the market 
is or even only one, is the world over)— a hid that the for haulage services becoming 
‘HI? constitute both the in- Foster committee reviewing. the more segmented and spe- 
j J ji s strength and its weak- “O” • licensing system is cialised. It has also become 
i-iiV • . expected to reject whprf it more sophisticated, with new 

strength lies in the fact produces its report shortly. ’ . patterns of demand emerging to 
business operating on a The fact that the industry which the alert carrier has been 
eiy small scale in a has weathered the storm itf quick to respond by offering 
highly sensitive to relatively ; good .shape sa^ break-bulk service$ or the .un- 
ing circumstances and de- something about, the prole* der taking nn contract, of. .corn- 
can be much more re- sionalism of the modern plele distribution systems, in* 
vc ami flexible than a haulier. It could also lend" ere- eluding warehousing, stock con- 
one subject to heavily dence to the argument that road trot point ' of sale promotion, 
lised direction. haulage may not be so frogmen- as well as' the mere haul of 

is. why the relatively fey ted as i? commonly supposed, goods from one place to an- 
groups in road haulage — Statistics nn the Stricture of other.-. 

• as the National Freight the industry can hardly be said The growing segmentation of 
■ation (NFC) in the to be either plentiful or very the market and the increasingly j 
wned sector and the up-to-date But there are a specialised and sophisticated 
>nrt Development Group number of studies which have service required from the 
. private sector — have both suggested that the average haujier.bas not eliminated com- 
. a point of delegating re- haulage business has become petition. Far from it But it 
ailities as far as prac- larger in size and that the makes nonsense of attemprs to 
down the line. Far from industry, both here and on the draw from the overall figures 
monolithic organisations. Continent.' may have become for Use industry' conclusions 
■e both holding companies somewhat less deconcentrated about the size of haulage com- 
j a large echelon of sub- than the bare figures indicate, panies in relation to their tnar- 
»s and discreet operating One factor which needs to be keL 

each of them specialising borne in mind is the trend. Moreover, entering the busi- 
segment of the market especially over the last 30-15 ness -.is no longer simply a ques- 

• n as a profit centre' with years, towards larger payload tion of acquiring a truck by hire 
degree or autonomy. vehicles, ft is the larger con- purchase and driving off look- 

cem, which tends to be pre- jog for work — not even, the 
«p C f dominant in long-distance opera- “ cowboys ” notwithstanding, in 

lions or .which serves extensive the Upping and general haulage 
her however, has a very markets, that has access to the tields: The haulier has to ltri- 
ttial share of the heavier traffic flows and able to de^take. or pay for, the proper 
is. The NFC. which is by take advantage of the larger maintenance of his vehicle., to 
’\ largest L 7 K hauiage lorry with the resulting scale abide by the increasingly de- 
1 1 '••■‘' with about 20.000 trucks, economies. This, is why there manding rules governing its 
trailers, and 37,000 staff, a** ah out 10 per cent fewer operation and loading, to de- 
lim to only about a tenth lorries (excluding vans) on the ^* asur ^ 

; professional haulage roads today than 10 years ago of financial standing, and to ob- 
and onlv about a twen- in spite of a SO per cent J 6 ™ the maze of road traffic 
f the total* freight market increase in the tonne-miles <)r else he will run a real 
uMhltaS JESS (Wirt. time, distance-) uf fln'Miii h.s licence In 

n the general haulage freight moved by road. • . 

is in the hands uf Another fartor is the growing The task uf securing maxi- 
•iv small nnprators specialisation and sophistication roum efficiency from a haulage 

hdnai.co nf ihic so iho of haulage, send re*, Statistics fl*et has itself became more de- 

* sca “Jf. ° f th l h t lS ~^° “If may give rise to an assumption manding with the growth of 
‘ that haulage is one big market* route restrictions, loading and 

Mine P Lh^n P SiP whereas in fact it is a hetero- unloading bans, roadside check? 

J iZ* ao ri h-adtnnnnS generous collection of a very on vehicle fitness and loads, the 
In Iar S e number ot markets, each + need 1°. cut vehicle down-time 
' Si ?„ h differentiated by area, route, to « minimum-and the. pros- 
20s and early 1930s and lnad and t of service pect of a further reduction in 
was used to justify the re q U j red ’ drivers’ hours to meet EEC 

- ' of capacity controls A . <in ; nd of , he SDP ,. trum regulations. More and more of 
industry— has been that rherp is lipp j ng work £ nd tht . the larger operators, in both the 
•“f 1 ? “ ‘ wherently in- movemenl of t . onstrU ctin n haulage and "own account 
It is this that is said materials to sites dotted all over have been making use 

ts weakness. the cnunUT . This f s stj „ VPry computer-based control 

if this were true at one mllch fhp prrJvince of The systems, 
nd the troubles of the sma ji er operator with fewer lhan . • j 

20s may have partly re- five veh.cles-induding some of FrOIIllSed 
i he " cowboy " operators which 

is after 1918 of demobbed give , he rest of thc industry Furthermore a further 
s using auctioned -off ^ g bad name At the olhcr tfhtenmg of the enforcement 
ransport— there has been end lhere ar highlv specialised thfe vehicle loading and main- 

• dcnce of " inherent in- one rat ions such as thn move- requirements has been 

y in re«n. ye.rs. ^ Foster commute 

■y controls ' in Hus xstiaa boilers). dangerous. recommending ways of 

•7 were lifted in 1969. i itlU i ds f as hi D n eonds house- further improving "the quality 

the present system of hold and industrial waste. 0 r f 11 * 1 efficiency of Ihe road freig,u 
• irs* licences, based on ? e fSgero1ed fondSuffs industry." And the desire to 

* of professional com- The standard of service re- K2J® 1 11 l li^? ir ® ,,,nert ,S 
-i and financial standing, qUired f rom a haii n e r is llke ‘y to abate. 

■ n. Yet road haulage has cj m ilarlv rhaneinr Good*; in Looking further ahead, the 
?d to weather the worst transit rie up industrial work- ticket , Of bilateral permits and 
the industrialised world ing capitaL Distribution sys- which currently 

perienced for more than terns have changed out of all JSlJL- ha “‘ iers ablllly .. “ 
re - . recognition, with the growth of t 

petition was greatly in- the supermarket, out-of-town J««ugh services to the Con- 
d. rates were cut, losses a ore. e ash and carrv ware- K? 1 „ an . d beyond may 

incurred, a number of houses and mail order. The sue- fcjSSj ^hVwnild^rid 
s went out of business ce5S of branded products de- Brussels. This would add 

ets were reduced or re- pends upon high volume sales. o? lUmS^uice 

- ent deferred. But it is )ow umi costs, strict control of ,en-i« s fwhTch 

j! whether thc ravages shelf life and rapid stock re- ™V ces iwmcn enrrenu. 

. ny greater than in other punishment. Compuier so Jro* 

s of industry. Overall, trols. containerisation and Ither role fo? rie 

. iccount *’ operators have unltisation o£ loads, and auto- ] a Sp r 0 r more /peciali Ld 
relatively Utile use of mated handling equipment have ^ r _ ; 0r znore 5Spec,au * tt 
tatutnry freedom to ply revolutionised merchandising. - r* I 

e and reward. Certainly,, systems. The marketing sir a- V . w. 


fore, tax implications may be a 
relevant conMdcration. 

As an alternative to self- 
financing, the operator cun 
approach his bank for an over- 
draft or loan, or make a deal 
with a finance bouse or hire 
purchase company. Thc true 
rate of . iateresl charged needs 
to be closely looked at. Gen- 
erally speaking, a bank over- 
draft is the cheapest way to 
borrow. Interest charges can. of 
course, be set off against profits 
for tax purposes, although the 
real cost of borrowing needs tn 
he considered if interest plus 
depreciation produce a lax 
loss in the year of purchase. 
Tax losses and unused deprecia- 
tion allowances can be carried 
forward to a following year, hut 
their deferral reduces their dis- 
counted value. In any case, 
vehicle operators in a small 
scale of business may prefer tn 
keep their credit lines open for 
other purposes. 

The next options in be con- 
sidered are leasing, contract 
hire and rental- In neither of 
them does the operator pur- 
chase and- own the vehicle: 
ownership remains with thc 
leasing nr hiring company None 
of them are particularly new. 
especially contract hire, which 
has hepti a fami’iar practice in 
the haulage business fOT years. 
But more and more different 
packages are being offered and 
leasing and renting have both 
— in different sectors of the 
market-been becoming more 
popular. 

Leasing was given a 
particular boost by Hie relaxa- 
tion in June of last year of the 
Control of Hiring Order, which 
meant that the minimum 
advance payment required from 
vehicle operators at the start of . 
a new lease contract could be 
reduced from ten months to a 
more customary three months. 
Since then .a number of new 
small leasing companies and 
lease hrokers have sprung no. 
and the market has become 


york- 


©A 


rM. ;■- ■ • 




• ’/ Jl'? V 




The York Hobo suspension frailer. 




very cojnpetitive. All the major 
finance ' houses are active. 
Among v;;U>e biggest leading 
companies arc Lombard North 
Central. "(a National West- 
minster Bank subsidiary) and 
Barclays -Mercantile, while, in 
the trailer market, there are 
Crane Froehaufj. own finance 
company,;. Transport Interna- 
tional Pool ( another U.S. sub-, 
siriiary) and Eurotree (part of 
Trade* .Financial Leasing). 

Leasing; i« tantamount tn a 
Form of ntedmni term finance. 
Leases can range from three to 
seven years, wish an average of 
around .'five, depending upon 
the lessee’s requirements and 
the estimated life of the vehicle 
or traii&Y This means that the 
vehicle can be painted in the 
operator’s, own livery, even 
though beneficial ownership 
remains.. with the lessor. The 
terms '.available are very 
flexible and the operator can 
often obtain almost a bespoke 
arrangement. 

Man; leases are arranged on 
a full - payment basis which 
offers the operator an option to 
carrv on- paying a peppercorn 
rental at. the end of the lease 
once the lessor has recouped 


the full cost of the vehicle plus 
interest charges. Alternatively, 
the lessee van arrange an open- 
ended lease, by agreeing with 
the lessor at the outset a 
depreciation rate on the 
vehicle: at the end of the lease 
the vehicle will be sold and 
both parties will share in the 
profit or loss on thc disposal 
value compared with the 
written-down value. 


Residual 


Another option is (he closed 
end lease under which the 
vehicle ts taken back by the 
lessor. Because of thp risk 
facing the lessor in estimating 
in advance the likely residual 
value of the vehicle, and thus 
the need to pitch rates to 
reflect this risk, this is not a 
widely used method in the truck 
and trailer markets. 

Contract hire comes in many 
forms. As with renial. the main 
difference from leasing is that 
the vehicle or trailer is returned 
to the owner at the end of the 
contract with nn shnrins or the 
net proceeds from its di«nocal 
The advantage of rnnfract hire 


is that vehicles can be taken on 
for a set period and. if the con- 
tract is for a reasonable length 
of (tine, he can arrange to have 
them decked m his own livery. 
The period or rental agreement 
can similarly hr tailored to the 
operators requirements — front 
one day up to several years. 

This enables ihr operator to 
match his fleet to the fluctua- 
tions in his workload almost cm 
a daily basis. It thus becomes 
easier hoth to control and to 
predict costs. Furthermore, con- 
tract hire — like rental— can be 
arranged to include full main- 
tenance and tyre replacement. 
This is a valuable consideration, 
particularly for small fleet 
operators, in view of the steadily 
rising standards required of 
vehicle maintenance and opera- 
tion and the critical importance 
ot adherence to these standards 
for the operator's “ 0 " licence. 

The same consideration has 
led the emergence and growth 
of a numher of specialist firms 
offering preventive servicing, 
mamlenance. spares replace- 
ment and breakdown recovery 
■sen-ices. Thev now inrliwi** HRS 
Rescue, a national breakdown 


and recove ry service operated* 
by the British Road Services 
Group, which had attracted the 
operators of nearly a tenth of. 
the country's commercial, 
vehicle fleet by the end of lasr 
yea r. 

However, the fact that run- 
ning a lorry Beet has become' 
an increasingly demanding, and 
costly, husiness and the develop*- 
mem by the larger or more gCK 
ahead professional hauliers of 
increasingly specialised- and- 
sophisticated freight-carrying,” 
warehousing and distribution' 
services has encouraged more; 
and more ” own-account " opera-; 
tors to reconsider their distribu- 
tion strategies and. within them, 
the role of their own in-house- 
truck and trailer fleets. In some.’ 
instances, these reviews have led' 
tn n more intensive use of the; 
company's own transport facili-. 
ties. In others, it has led to a; 
decision to make greater use of.’ 
the facilities on offer elsewbere.. 
So one financing option the 
'• own-account ” vehicle operator' 
should perhaps always consider 
is whether he needs to replace 
a vehicle at all. 

Co*mi .Tnhe&' 


Eaton -the backbone of the truck industry 








Li. /Sris.-.'fj 














Enquiries to 
Head Office: 

Eaton Ltd 
Group Marketing 
Ealon House. Siames Pc2d 
Hounslow, Middlesex 
Telephone: 01-572 7313 
Telex: 2779B 




l %5 

Motor 




E.T-NS 


Show. 


Components 




l 


^COMMERCIAL VEHICLES XIV 


Times Mondays September 25 197S 

TRADE PATTHNS 


Sales spread across 


IT IS only in comparatively re- 
cent times that the commercial 
vptvide industry In Europe has 
begun to take on a truly Inter- 
national character. For many 
years after the war, manufac- 
turing and sales existed in vir- 
tually closed 'markets. Geo- 
graphical propinquity between 
the producer and the user was 
a significant factor in sales pat- 
terns, and strong local tradi- 
tions and loyalties were built 
up. Then, about ten years ago. 
commercial vehicle producers 
began to follow the example of 
the car manufacturers and cross 
national boundaries within 
Europe. 

This has not so far produced 
a great decline in overseas sales 
to the old colonial markets. 
Host of the developing coun- 
tries have concentrated the de- 
velopment of their motor indus- 
tries on cars rather than trucks, 
although their interest is now 
coming round to the truck sec- 
tor. But within Europe it has 
meant a hig readjustment in 
sales patterns. Every one of the 
major markets in Europe has 
seen an incursion of imports 
over the last decade as rival 
manufacturers in adjacent 


States have sought out new mar- 
kets. 

There have been three signi- 
ficant factors behind these de- 
velopments. First they have 
been encouraged by the inter- 
national movement towards 
freer trade and the creation of 
the EEC. High tariff barriers 
were a strong deterrent in the 
truck industry, which has to 
deal with higher value products 
than cars. It is significant that 
in the UK. for Instance, EEC 
producers have developed a 
much stronger position 'in the 
last two years as declining im- 
port restrictions took effect. 

Second, there has been a 
strong incentive to establish 
more international dealer net- 
works as longer-distance truck- 
ing has developed. Road trans- 
port is now used widely to carry 
goods right across the Continent 
in one run. and many loads are 
now shipped across the English 
Channel and then trucked on. 
As this pattern of transport has 
developed it has been in the 
interests of the manufacturer 
to have wider-spread distribu- 
tion systems in order to provide 
back-up senice facilities. The 
ability to support a vehicle fleet 
in remote areas has become an 


important element in being able 
to sell the product in the first 
place. 

The third influence has been 
the emergence of a number of 
big European groups in the 
commercial vehicle field. The 
industry is still not as 
rationalised as the car manufac- 
turing sector, but it is moving 
in the same direction, and as it 
does, the pressure is all in the 
direction of larger groups 
capable of greater production 
economies. The consequence of 
this trend will be the creation 
of more competitive manufac- 
turing organisations with 
greater volumes which must be 
exported in order to'justifv pro- 
duction volumes. 

The pioneering moves towards 
greater size and internationali- 
sation started -in earnest in the 
lS60s. mainly concentrated in 
northern Europe where the 
three most successful heavy 
lorry manufacturers — Mercedes, 
Volvo and Scania — were based. 
Tn Germany, Mercedes began to 
concentrate its efforts very- 
much in the specialist car and 
commercial vehicle field after 
the sale of Audi-NSU. The two 
Swedish companies, on the other 


hand, had a tradition of build- 
ing vehicles for a market where 
road transport was important 
and where affluence was creat- 
ing a demand for sophisticated 
vehicles. 

For Volvo and Scania, with 
fairly unique products on their 
hands, but only a limited home 
market in which to sell them, 
the move overseas was inevit- 
able. As in other industrial 
sectors, the Swedish companies 
placed their emphasis on deve- 
loping specialised products with 
a high level of quality which 
would appeal to a distinct niche 
in the market. Meanwhile. 
Mercedes went ahead with an 
enormous new investment in a 
green field site at Worth, 
designing a plant with a much 
higher level of mechanisation 
than had ever been seen in the 
European truck industry before. 
At the same time, it created a 
whole new range of diesel 
engines. 

No other manufacturer has 
quite approached the stream- 
lined Mercedes system. But the 
creation of IVECO in the past 
three years has produced a com- 
mercial vehicle company with a 
similar size, as wide a range of 


models, and as effective a 
marketing spread as any other 
group. The American com- 
panies. too. are now trying to 
get a similarly wide representa- 
tion throughout Europe. 

Following these moves, the 
interpenetration of national 
markets has developed strik- 
ingly. According to figures pro- 
duced by Mercedes, for example, 
the grip of German producers in 
their home market has fallen 
from 95.7 per cent in 3965 to 

87.4 per cent last year. British 
producers, who had an even 
stronger position at home with 
99 per cent of the market 12 
years' ago, allowed this to slip 
to 83.5 per cent last year. 

The same phenomenon is 
repeated elsewhere. In France, 
the home manufacturers' market 
share has declined from 9L7 per 
cent to 84.9 per cent, and in 
Italy it has fallen particularly 
sharply, from 88.9 per cent to 

64.4 per cent. 

This trend is not likely to be 
reversed in the near future at 
least The figures already reflect 
the establishment of several 
fairly powerful pan-European 
distribution organisations, and 
these have become permanent 
features in the market All the 







' “v mi ^ Y ~ 

SUM 






-■* : " v "' ; *■> ■■;>-»£ 

T 1 ' » T, ' ■. "V ' *'• '■ 


Fuel savings of more than 10 per cent (ire claimed for the Trorfe Aerofoil deflector, seen here on tfw front buUhead of n van trailer. 


emphasis in the next few years 
will be on building more sales 
on to the structure which has 
been provided, as manufacturers 
try to recover some of the invest- 
ment which they have poured 
into these International net- 
works. At the same time, most 
producers have some weak- 
nesses in the overall pattern — 
Mercedes, for example, has been 
working bard in the UK for the 
last two years — and will, be 
pushing harder in these areas. 

Outside Europe, similar pres-: 
sures are being reflected in a 
variety of markets. European 
manufacturers, for example, are 
now moving into the U.S. 
Mercedes already has a signifi- 
cant network established in the 
Eastern states (although this 
sells vehicles . assembled in the 
company’s plants in - South 
America) and both Volvo and 
IVECO have also moved in. 
Although the volume of sales 
is very small as yet, the Euro- 
pean producers believe that 
there is a market for medium: 
sized European-type lorries for 
inter-urban use. While not com- 
peting with the biggest Ameri- 
can trucks used on their longer 
distance routes, these European 
vehicles answer a need for 
lighter construction, more 
economy and diesel engine 
propulsion. 

The American manufacturers 
themselves are also show- 
ing expanding international 
horizons. They have been par- 
ticularly vigorous competitors 
in the Middle East in the last 
three years, and daring the last 
decade they hare invested 
heavily in their European 
interests to be able to compete 
on an equal footing with the 
indigenous producers. As yet, 
however, they have not proved 
to be large-scale exporters: 
International Harvester, for 
instance, the largest oE the U.S. 
groups, only exported 15 per 
cent of its output last year. 

The biggest challenge fo 
Western European producers 
has come from Japan. This has 
been most noticeable in the 
UK, where the Japanese have 
begun selling small vans so 
vigorously in the last few years 
that they have now been 
brought under the agreement 
on shipment limitations reached 
with the Japanese authorities 
last year. But the growth in 
Japanese sales has been equally 


ENERGY SAYING 


vigorous elsewhere in the 
world, particularly in the 
smaller European markets, like 
Finland, the Middle East, 
Indonesia and Africa. 

In Indonesia and . markets 
like Thailand, for example, 
European producers have vir- 
tually withdrawn, in the last 
decade ; and in Africa, the 
Japanese have shown a steady 
improvement. Much of this 
success has been based on 
designing simple medium- 
weight vehicles which can be 
adapted to a number of uses, 
and which are often sold, at 
very' cheap prices, without sides 
or even door panels. This kind 
of utility product pays for itself 
quickly and does not tie up too 
much capital for the operator. 
But as in the car sector, the 
strength of the Japanese has 
been their diversity of product, 
ranging from four-wheel drive 
vehicles, pickups and light vans, 
to a variety of middle and heavy 
weight trucks. 

In total, Japan exported 1.4m 
commercial vehicles last year, 
which is more than twice as 
many as any European country 
makes. The two top exporters. 


Tovota and Nissan, shipped 
445,000 and 362,000 units, 
respectively, both figures which 
are close to the total produc- 
tion of Individual Western 
European nations. Of course 
many of these vehicles are 
extremely light, and more 
related to the car industry than 
to heavier trucks. But the 
figures give an idea of the 
enormous growth in Japan's 
influence In this area. 

This growth in competition 
is clearly causing a great deal 
of policy analysis in established 
companies. But of even more 
concern are the long-term 
trends towards more local manu- 
facturing deals. Vehicle produc- 
tion Is beginning to spread 
rapidly in developing countries 
like India, Turkey and parts of 
Africa, including the biggest 
potential market of Nigeria. 
Whether European or Japanese 
companies will be able to con- 
tinue exports In any numbers 
at all to these areas is now an 
open question. The answer will 
determine the shape of Euro- 
pean manufacturing in the rest 
of this century. 

TJ>. 


COMMERCIAL VEHICLE EXPORTS, 'OOO 
ITALY 

„ Year 1976 48-S 

JJ5*! Year 1977 69.9 

19/7 “AS % change +43.2% 


U-S. 

Year 1976 
Year 1977 
% increase 


Four months to April 

1977 

52.2 

1978 

67.0 

% change 

+284% 

FRANCE 


Year 1976 

143.7 

Year 1977 

148.4 

% change 

+3-3% 

Hair year to June 


1977 

80.4 

1978 

84.4 

% change 

+5% 

WEST GERMANY 


Year 1976 

206.3 

Year 1977 

188-C 

% change 

—8.6% 

Half year to June 


1977 

100.0 

19*8 

79.9 

°» change 

-20-1% 

^ - * 



Half year to June 

1977 

1978 

% change 


JAPAN 

Year 1976 
Year 1977 
% change 

Half year to June 

1977 

1978 

% change * 


UK 

Year 1976 
Year 1977 
% change 

Half year to June 

1977 

1978 

% change 


11 70.5 
1393.9 
+19-1% 


627.8 

831.8 
+32.5% 


189.5 

196-8 

+3.9% 


109.6 

99-1 

—9.6% 






■< -'re ; „ ... ;-y 'v; , 


Some Avis Trucks go round in disguise. 


Every name you see here is on an Avis 
truck, because each of these companies 
came to the conclusion that it's better for 
Avis to worry about transport than 
themselves. 

Fora start an Avis Trucks lease for one-to- 
five years released capital for more 
profitable use elsewhere. It also meant that 
they no longer needed to concern 
themselves with repairs, maintenance or 
vehicle purchase and sales. Productivity was 
improved by Avis vehicles custom built for 
the job. Prestige enhanced with bright new 


Avis features 
Bedford trucks. 



livery or plain paintwork as they preferred. 
Budgetary control was improved, which in 
turn meant distribution costs could be 
forecast more accurately. It certainly all 
adds up. 

So whatever paint may disguise an Avis 
truck, it won't disguise the advantages of an 
Avis Truck Lease. Write or call for a copy of our 
brochure today. 

The Sales Manager, Avis Truck Leasing, 
Trident House, 

Station Road, 

Hayes, 

Middlesex. 

Telephone: 

01-848 8765 

TRUCK LEASING 



fuel economy 


Vi'.'ST: '-V: 


BEFORE THE 1973-74 oil crisis, 
commercial vehicle designers in 
Europe put fuel consumption in 
third or -fourth place among 
their priorities. In - service 
reliability and long life were 
deemed to be more important 
considerations for trucks gross- 
ing 16 tons and above. Low tare 
(unladen) weight and low initial 
cost, in Britain at least, were 
other prime objectives which 
tended to outweigh the matter 
pf miles per gallon. 

But in the past -five years, 
fleet operators have become far 
more economy conscious. A 
vehicle's fuel consumption now 
figures strongly in establishing 
its reputation as a whole. In 
independent assessments by 
Press road 1 testers or large 
fleets like British Road Services 
(who publish their comparative 
findings) the rapg results are 
analysed most eagerly by 
transport managers, who now 
have to pay’ up to 99 pence a 
gallon for diesel fueL 

Vehicle manufacturers, keen 
to maintain and. if possible, in- 
crease their share pf total 
market sales, wasted no time in 
implementing new fuel-saving 
programmes. The makers of 
automotive diesel engines, in 
particular, have shown how 
technology can be- accelerated 
if sales are at stake. Research 
budgets were increased for pro- 
grammes studying tiie- funda- 
mental combustion process in- 
side the diesel engine. 

As the world's largest inde- 
pendent supplier of heavy truck 
diesels, Cummins Engine Com- 
pany last year devoted more 
than 90 per cent of its S30m 
research and development 
budget to fuel-saving pro- 
grammes and the related sub- 
ject of exhaust emissions, at its 
engineering centres in the U.S., 
Britain and Germany. 

How could more energy — in 
terms of horsepower and torque 
— be extracted from each drop- 
let of fuel sprayed into the com- 
bustion chamber? That was. the 
challenge faced by companies 
such as Cummins. Rolls-Royce 
and Gardner (now a Hawker 
Siddeley subsidiary), as well as 
by truck producers like Leyland 
in Britain, Mercedes in Germany 
and Volvo in Sweden, which 
make their own big truck diesel 
engines. 


Every : '.-n^ufiictiirer- has 
tended to move the ’-same way 
by endeavouring to get the fuel 
into the combustion space more 
quickly. This- has meant' faster- 
opening Injectors and higher 
injection pressures — develop- 
ments which needed advances is 
technology' to achieve. The cams 
which directly (in Cummins and 
General - MotoiS' diesels) or 
indirectly (in other makes of 
engine) open the injector to 
admit fuel into the combustion 
chamber lad to dp .more work 
without, durability suffering. 
And. tile fuel system' as a" whole 
had . to--wTthstaml higher pfes-- 
sores^wittiout. leakage, implying 
tighter manufacturing: toler- 
ances and better -seal tech- 
nology. • ; 

Obviously the time taken for 
the fuel to burn is less critical 
at lower engine speeds. . Also,, 
the improvements in combustion . 
efficiency' created' by faster, 
higher-pressure injection, have 
produced ’-be spin-off benefit of 
greater. .engine output ; "When 
the two factors are purtoge&er^ 
it can;be seen that engines .can 
run more slowly for the same 
performance. ' All those, manu- 
facturers .who have improved.-. 

fuel' economy' Significantly- have, 
at the same' time, reduced the ' 
maxiptnin-..' running speed— 
typically from 2.100 to 1,900 
revolutions per minute. •*. 

Mil es-per-fpdlon ■ figures on the 
new generation of engines intro- 
duced in *K past two years have 
been improved by up to 15 per' 
cent, where other factors have 
remained unchanged. 

Smaller gains is fuel economy 
have been made by reducing 
friction losses, not only in. the 
engine but in- the transmission 
line. Overdrive gearboxes and 
driving axles with extra reduc- 
tion gearing in the hubs, for 
example, are -tending -to go out. 
of favour because they intro- 
duce more energy-wasting 
friction and . similarly wasteful 
oil “thrashing ” losses. 

Engine cooling fans,' -which 
are driven only when they are 
needed as. cooling water tem- 
perature rises above a. pre^ 
determined level, are now be- 
ing increasingly specified. A fan - 
can take away up to 30 bp from, 
the truck .as .it is driven need-, 
lessly "round -when -the engine 
is already running cool. 


Reducing air resistance -m • a^. 
quite different way by making' 
trucks more streamlined is.. 
another aim of designers, r 
Rounded contours on cabs RkeC 
that on’ the latest Mercedes-Benz- ' 
heavy trucks can bring a 3 or 4 
per cent fuel saving under con- 
stant high-speed motorway con- ' 

, ditions. 

'Tooling a new cab merely tp- 
improve - its aerodynamics is' 
obviously not an economic 
proposition The operator whar. 
.runs trucks with high flat-.',' 
.fronted bodies or trailers can’;; 
achieve similar gains in “mpg"., 
by' fitting a proprietary win'd'..; 
deflector- bolted either to the- ’, 
cab roof or to- the front of the -“v 
body: Fuel savings of up to' I'0>- : 
per cent have been shown by:- 
soibe fleet users who have fitted 
deflectors on vehicles which- • 
cany bulky but light loads. 

Indirect fuel savings can -be', 
.made by making vehicles; - 
lighter, so that payloads are in- 
creased for a given all-up 
weight (controlled by law) and 
a known level- of fuel consump- 
tion. Thus, the truck's “produc- 
' tivity' factor,” used as a yard- 
stick by operators and measured 
in -paylpad-ton-miles-per-gallon. 
;is increased.--. Aluminium is 
being employed in place of steel 
oh truck chassis For components 
like fuel tanks and bumpers to 
reduce weight 

Unfortunately, fuel - saving 
refinements are not arithmetic- 
ally . cumulative. In other 
words, the law of diminishing 
returns; applies. If a wind 
deflector which, on its own. will 
achieve a 10’per cent economy 
ben us, is fitted at the same time 
as a thermostatically-controlled 
fan also claimed to give a tO per 
cent improvement, the com- 
bined 'effect is likely to be 
nearer 12. than 20 per cent 

Truck makers and operators 
must decide on the most eco- 
nomic way of achieving con- 
sumption improvements. For 
the * manufacturer the fuel 
savings seed to be related to 
long-term production costs. For 
the fleet user the outlay on a 
more costly, yet economical 
engine must be looked at 
against the price of a bolt-on 
fuel-saving option where the 
latter may or may not show 
worthwhile benefits in that par-. r 
ticular application. 


Alan Bunting 


• (wbuim 














Financial Times Monday September 25-1978 

HE ENVIRONMENT 



COMMERCIAL VEHICLES 





necessary evil 


„ . . EVER BAD their effect on 
; - nvinmment heavy lorries 
V re to stay and we cart only 
vcitr tu minimise their 
• : * . t. We need them and there 
alternative. They carry 
y~ *. 90 per cent of our goods 
-ven if. we could shift 50 
mare freight on to the 
. . ys it would reduce road 
\ t traffic by only 2 per 

... re are nnly 12,000 miles 
• .tl track against 200.000 
o£ public highways. The 
--••• -je road freight movement 
; joiles for a consignment of 
' J 50 tonnes. There are 
' 1.8m goods vehicles on 
•' i roads, of which lm are 
: . ans and only about 60.000 

■ ver eight, tonnes. The 
. :e rail freight movement 

■ r S3 miles. 

•■■'-nty years ago rail carried 
"... F uur freight and the com- 
total of raad and rail 
■ traffic was A 1.5 bn tonne- 
• -As long ago as 1971 road 
was carrying 50.4 bn 
" miles, while the railway 
•had fallen to 14,9 bn: By 
lie total had doubled to 
i loane-nnles. of which 
irds of the mileage 
miles I and 87 per cent 
- Sis goods went by road. 

“ rail system could not 
^ mure than a small pro- 
n of our freight to aid 
^ ivironmenr. Apart from 
'•'V i sidings there are only 
inis of access to the raii- 
stem for the goods traffic, 
must have fite lorry, or 
; i*. , ou!(l he no goods in the 

larkets. nu petrul in the 
stations. n«> beer in the 
no refrigerators, no 
S machines in the shops. 

■ ' A sieel and newsprint are 
les of goods which just 
. he delivered in light vans 
bicycles. 

• n that we mu*t have the 
the best riling is (o con- 

• em as far as possible to 
~ /ays. but we have only 

1,500 miles of motorway 
- tie more is being built. 
Londons M25 nng-road. 
"is supposed to have top 
. h is growing but slowly 
ing held up by inquiry 
nquiry. Even Holland — 
:• *tth the sire of Britain— 
*0 miles of motorway 
ny has nearly 4.000 miles, 

. . ver 3.000, France more 
... ' .000. 

cost of running a large 
' is around 8()p a mile, 
an hour. so. a company 
— — 'e a great deal of money 


by using a motorway with a 
6i> mph tmek speed liimt against 
a normal road with a 40 mph 
limiT. This is why the Road 
Haulage Association and the 
British Road Federation, both 
trucker bodies, are pushing. for 
completion of the M25 and the 
building of more motorways. 

The'truck is not such a villain 
as some believe. The weight 
limit here is 32 tonnes against 
38 tonnes in most of Europe and 
44 in Denmark, Holland and 
Italy. There are no more big 
trucks than there were ten years 
agu: accident- involving them 
are down 40 per cent although 


accidents sonoraHy are up 3 per 
cent. Yet trucks each nin up tu 
Kin.ooi) miles a year. Thanks to 
developments like the use of 
turbo-chargers, radial-ply tyres, 
close-ratio gearboxes and wind 
deflectors and the use of thinner 
engine oil. there has been a fuel 
saving of J2 to 15 per cent and 
a modern 32-tonner uses the 
same amount of fuel as a 24- 
vonner of the lSKJfts. So we move 
more tonnage with less fuel. 

But what are called (he 
" sucial ensis ” of the big lorry 
are noise, air pollution, road 
wea r. accident i nvolveniem. 
vibration, delays to other road 


users, visual intrusion and 
damage to buildings. Reducing 
their size might help— although 
the industry says nnt. 

The greatest public opposition 
is on noise. Our lorries arc 
allowed to make a noise up to 
8BdBt A), although nn one seems 
to stop them making more than 
that. To give some idea of com- 
parison, the sound under the 
flight path of a supersonic air- 
craft within five miles of take- 
off is 115’, a jet on the ground 
J30, a riveting machine in a 
sheet metal shop tin. ^ major 
mud with heavy traffic 63-75dB 
(A). 


It might be possible TO get 
the noise down pi 8udB(A) but 
it would mean redesigning lorry 
engines and no one knows the 
cost. When a survey was made 
in Birmingham it was found that 
houses ; PP a main road with 
sound of TU-7j»ri£i A> sold for 
higher prices than those in side 
streets with a 52.5 level. 

.■Alternatives to making 

quieter lorries are changing road 
conditions like gradients and 
number, of intersections, the 
road surface, elevation, new 

tunnels;... '.nr cutting*, sound 
barriers at ihi- r»ac1-irie. build- 
ing roads at* av from built-up 


areas. In our present economic 
climate none of these is Jikely. 

Britain enforces regulations 
forbidding black smoke, hut this 
is as harmful as the invisible 
but dangerous carbon monoxide 
and oxides uf nitrogen which 
come from cars. 

Raad wear can be measured, 
and lorries pay fairly heavily. A 
32-tonner running 40,000 miles 
a year pay* a total of £2.900. 
made up of £900 excise duty and 
£2,000 fuel duty. A car-owner 
doing 9.000 mile* yearly pays 
£220. made up of £10Q fuel duty, 
£50 licence, £55 VAT and £25 
car tax. It is thought that most 


vehicles meet what is called 
their " track cust " except four- 
axled 30-tonne rigid trucks and 
32-fonne articulated vehicles, 
which reach, respectively 0.90 
and 0.85 of their cost- Both 
fuel prices and tax have in- 
creased since these calculations. 

The British Road Federation 
considers that most truckers 
oi-erpay for their use of the 
road. On the accident front, 
heavy goods vehicles emerge as 
the safesi road users. In 1978 
one was involved in an accident 
once in 1. 125m kms, compared 
to the motorcylist's one in 
85.000, the worst figure and 13 


LEGISLATION 


Tightening the grip 


IT MIGHT be thought from the 
out erica of the environmental 
lobby — exemplified hy the 
pressure grnup •* Transport 
200 “ — that Britain's heavy- 
truck operators were free from 
any legal restraints. In faet thev 
are subject to possibly the most 
complex network of legislation 
confronting any section of in- 
dustry. 

There are restrictions on all- 
up vehicle weight, individual 
axle weights imposed on the 
road surface, exhaust smoke 
and noise. A minimum power- 
weigh l ratio of 6 horsepower 
per ton of all-up weight must 
be achieved by the engine. 
Through the Operator’s- 
Licensing scheme, standards of 
vehicle maintenance are effec- 
tively set. And in the nuich- 
pubiicised tachograph. the 
Government has . added a 
further, arguably justifiable, 
constraint nn fleet operations. 

The tachograph, which gives 
a permanent ink-trace record on 
a paper di-c uf speed, driving 
time, distance travelled, rest 
breaks and every opening of the 
instrument to get at the record 
sheet, supersedes the former 
driver’s record system required 
by law. 

Legislation affecting - the 
fundamental specification of 
trucks operated in Britain 
presents a headache for manu- 
facturers as well as end-usefs. 
The uncertainty surrounding 
Britain's commitment . lo, 
harmonise its existing Motor 


Vehicles fCunsl ruction and Use) 
legislation with EEC regulations 
—in i he form of so-called 
“ directives ’’—makes it difficult 
t» plan ahead in buying 
vehicles. 

Probably the longest-running 
dilemma has surrounded, the 
matter of permitted vehicle 
weights. The maximum allow- 
able weight for tractor-trailer 
combinations was last increased 
14 years ago— from 24 to 32 
tuns. British operators and 
chassis makers have been ex- 
pecting a further uplift, to 
36. 38 or 40 tons, since about 
1970' In must European 
countries. 38 tons has been per- 
mitted since the mid-1960s: 
while the Italians last year went 
the opposite way to Britain in 
spurning EEC recommendations 
for a 40 tonnes limit, by allow- 
ing 44 tonne trucks on the road. 

It has been and continues to 
he difficult for British truck 
producers to build trucks com- 
petitively for 38 or 44 ton opera- 
tion when the home market calls 
just for 32-tonners. The picture 
is more complex in practice, for 
many UK operators have bought 
38 or 40 ton rated chassis in 
recent years largely in anticipa- 
tion of a permitted weight in- 
crease. though also under the 
influence of drivers who 
naturally prefer heavier-duty 
and more powerful vehicles. 
The “ over-specified ” vehicles 
— typically- from - Mercedes- 
Benz. Volvo- and Fiat — that are 
seen on British roads in such 


large numbers bring the advan- 
tages of trouble-free durability 
because they are working with 
so much performance in hand. 
Bur they are heavier and much 
more expensive than the basic 
32 ton chassis, so that payload 
ratings drop accordingly. And 
in . most cases . Their fuel 
economy is poorer, particularly 
where drivers exploit the extra 
performance when accelerating 
and hill-climbing. 


Intrusion 


Because uf ancient weak 
bridges on British roads, usually 
over canals or rivers, the law 
restricts Individual axle load- 
ings as well as total vehicle 
weights; no more than 10 tons 
can be imposed on an axle at 
present. And on a combination 
of adjacent axles in the bogie 
of a semi-trailer or a six- 
wheeled truck, the allowable 
imposed load depends on the 
axle spacing. For 20 tons to be 
imposed on a two-axled bogie 
the axles must be 6 ft 1 in 
(1.85 ml apart. - 
The EEC transport legislators 
in Brussels propose an II tonne 
axle limit — representing only' 
an 8 per cent increase on the 
current PK maximum. Driving 
axle manufacturers have been 
able to uprate casings with 
minimal alterations in design. 
Many hare designed IS tonne 
axles to cater for French and 
Belgian markets— where EEC. 
harmonisation implies a down-' 


rating, though many doubt the 
willingness uf any member state 
to reduce weights. 

Higher, perm it ied weights will 
bring « requirement for more 
powerful engines — diesels 
developing at least 240 horse- 
power for the heaviest 40-ton 
trucks. . /Despite the continuing 
32-ton limit in Britain, average 
engine power has risen steadily 
over the pa^t Id years. Every 
major -engine producer now 
offers at ’lea>t 240 bhp: some, 
like Cummins and Scania, have 
diesels developing 350 bhp or 
more. 

A quite d life rent aspect of 
legislation as it affects vehicle 
weight will arise next year when 
the Government's Finance Bill 
is due to contain provisions for 
revising commercial vehicle - 
taxation,, again as part of EEC 
harmonisation policy. Rates of 
duty arfeai present levied on the 
unladen A weight of vehicles, 
which means that operators are 
penalised; financially for 
specifying more durable— and 
therefore-' heavier — chassis, 
driveline components and body- 
work. ■ Operators will often 
avoid fitting shelves or racks in 
vans i£ the effect is to push (hem 
into the next taxation bracket. 

All thlk will change, however, 
when gross for all-up) weight 
becomes- the vehicle tax 
criterion, under the new pro- 
posals. On the faee of it the 
new system will be fairer, relat- 
ing the tax payable more 


realistically in the v.eaT and tear 
nn mads and bridges. There are 
already, however, murmuring*; 
of dissent from some operators 
and a welcome tinged - with 
caution from the Freight Trans- 
port Association for the sug- 
gested change. 

Will rates of duty be related 
in the present " plated '' weights 
marged on even- chassis by the 
manufacturer, as the maximum 
gre»s weight fur which the- 
vehicle is designed? If so, then 
companies who run at well 
below the plated weight will be 
paying an unfairly high rate of 
duty. They will be looking for 
ways uf downplating chassis — 
something for which the Depart- 
ment of Transport allowed a 
precedent ta be created under 
plating and testing legislation 
it) years ago. Downplating is 
possible if lower-rated tyres 
(and* sometimes springs) are 
fitted. 

Another question asked by 
the FTA, in its watchdog role, 
is whether the change in the 
basis of vehicle taxation will be 
used by the Government as a 
covert means of extracting more 
total revenue from Britain's 
truck operators. 

There are several areas of 
legislation where Britain might 
have introduced new restraints 
on vehicle design but where 
loopholes have been perpetu- 
ated. For instance although 
external — or " drive- by ” — noise 
levels are the subject of legal 


control, no law has been 
implemented to regulate in-cab 
noise. Because the driver 
rather than the general public 
is the would-be beneficiary the 
matter falls within the province 
of the Department of Industry 
(concerned with safety at work) 
rather than the DTp.. . 

Cab strength another 
subject of EEC legislative 
proposals, but which show little 
sign of being adopted in Britain, 
although . for British truck, 
manufacturers exporting into 
the EEC it has heen logical lo 
standardise on cab -.-designs 
which meet European require- 
ments. 

In the U.S., the last year or 
two has seen the adoption of a 
mass of new laws affecting truck 
braking. Minimum efficiencies 
are laid down, which specify 
allowable stopping distances 
and a permitted width of road- 
way in which the vehicle must 
be brought to rest. .-This last 
provision, by implication, 
demands the fitting - of some 
kind of anti-skid equipment so 
that trucks — especially tractor- 
trailer outfits — pull up in a 
straight line. In Europe no 
comparable regulations are in 
force and there are no indica- 
tions that anti-skid devices will 
be made mandatory, although 
component makers like Girling 
and Automotive Products have 
such units already on the 
market. 


times as bad. Motorways are 
much safer than other roads for? 
all users. 

Vibration can caiise damagfS' 
in two ways. It can crack plast&f*' 
and other materials or caulfi r 
structural damage, though thiS'‘ 
is rare except in very old build’- 
ings. In Britain trucks are,, 
limited to 10 tonnes loading ori-.' 
the rear axle and 6.5 on tbe ; 
front, and any increase in these* 
permitted loads would maker 
matters worse. Vibration can- 
trigger off damage as well 35” 
cause direct failure. The only 1 " 
solution is to route trucks away* - 
from old buildings and narrow^ 
streets. • 

Delays caused by * under- 
powered trucks are irritating To' 
other road users, although' 
lorries are obliged to have aT 
least 6 bhp per tonne. This Is' 
not a major problem in mosf- 
places, but only on narrow roads' ■ 
with steep hills. Lorrv operators * 
would of course like high€ft^ 
speed limits. " 


Restricts 




The problem of visual intrfip^ 
sion or the ugly truck, wfiat tHe 2 
President of the Law Society 
some years ago called 
vulgar and obscene intrusion 
juggernaut lorries' imo 
where they are not Ranted 
cannot, in any seemly 
get."- can only be.' solved^?*?* 
better roads to take thejtil-awasgr 
from such places. - 

As regards damage to buile^t 
ings the haulage industry* 
argues that trucks form. such a-* 
small proportion of traffic thati* 
they cannot be blamed, and that* 
io any case new roads afe the*? 
only solution. But, -’they . sayj3 
some people object'to new roads? 
as ' much as trucks, so it is 
deadlock. W;. 

Another . solution' -Is 
designated lorry route • • phff . 

ban in certain streets, birf 
problem then arises of how^ffc; 
supply shops, factories ox whiff--; 
ever premises are on the streets'^ 
involved. The industry feels,;; 
that the solution to most ojE-tfyg: 
problems is in building n 
roads and improving old. 
the savings in fuel made 
technical improvements will 
wiped out by the 20 per cent 1 ; 
productivity loss when driving-* 
hours per day are cut -from 
to 8 in 1981. " - 


* 


Alan Bunting 


George Bishop 










COMPItC HE KSIVE VEHICLE RANGES 


INEUftOPC. 

“Sales are well ahead of target for 
1978, and we can now look forward to another 
record year.” % ■ / 

That' sthe way the Managing . - 

Director of Ma girus Deutz Great Britain puts it, 
and that’s the way it is . . . successful; >. 

Magirus, part of the Industrial Vehicles 
Corporation (IVECO), the second largest 
commercial vehicle manufacturer in Europe, are 


introducing five new models at the forthcoming 
Motor Show, making the Magirus range wider and 
more comprehensive than ever before. Always in 
demand, we can now offer a model to suit the 
exacting requirements of almost every type of 
haulage contractor or fleet operator. 

_ Utterly efficient, economicaland totally 
reliable, every model features the famous 
Deutz air-cooled engine: Easier and cheaper 
to maintain , with less hreakdovyns and . 
less time off theroad. . 


See the five new models on Stand 333 at 
the Motor Show*. 

Magirus Deutz, our past record is one of 
progress, achievement and top sales. 

The future speaks for itself! 

.Magirus Deutz (Great Britain) Ltd., 

Road Five, Industrial Estate, Winsford, 
Cheshire, CW73RB... 

Tel: 060 65 441 1 Telex: 669022 









COMMERCIAL VEHICLES XVI 


financial limes 


,-t- : i --«• 


Bathgate strikes a sour note 


LABOUR RELATIONS prob- 
lems in the commercial vehicles 
industry generally command 
less public attention than dis- 
putes in the car factories, 
where There is closer iden- 
tification with the product and 
the number of vehicles lost 
through strikes rises more 
dramatically. 

-This position has been 
changed, however, by recent 
events at Ley land Vehicles truck 
pianr at Bathgate near 
and tractor plant at Bathgate 
near Edinburgh. 

Machinists at the plant, sup- 
ported by other members of the 
Amalgamated Union of 
Engineering Workers (AEUW)'. 
went on strike early in August 
demanding extra money for 
operating new computerised 
machine tools. Both the company 
and AUEW leaders took the 
view that under their agree- 
ment the men should do the 
work without extra pay and the 
union ordered tbe strikers back 


to woifc. if will now grow to only 7,500. the future of the plant depended 

Concerted efforts by the union Perhaps of even greater on improved productivity and 
to persuade the strikers to call significance . is a Leyiand working practices. Their deter- 
off their action met repeated Vehicles’ decision that it can no mination to continue the action 
rejection and there is no doubt longer allow other plants to be illustrates the extreme difficult!’ 
that the long stoppage at Bath- exclusively dependent on Bath- which confronts union leaders 
gate had a direct influence on gate for supplies. All com- who ultimately can rely only on 
the changes in future invest- ponents produced there will in their powers of persuasion when 
ment plans which Leyiand future be dual sourced and an their instructions are ignored. 
Vehicles management announced order for a new lightweight cab Industrial relations diffi cuIt *es 
this month. .which was to have gone to Bath- in developing motor factories in $ 

Union lenders have been told f ‘I is S™ 1 * irLS ' ead » a ?„ r 5“Z!“ , ° ut a . tradition 
that rhere will be a £32m cut ,amis supplier outside Leyiand. industry are not unique to Bath- 

in the investment the company Bathgate, opened in the early i 

intended in carry out at Bath- 1960s as pan of Government r those^ wh«r | J 13 ' * 

eale between now and J9B2; it policy to develop the motor in- J IS" , Tna< J.® °^ . the L 
forms the biggest element in an tlustiy in Scotland, has pre- 1 Linwooa near 

overall £5Sra reduction in Ley- sented Leyiand with repeated V,J S °° 
land Vehicles’ investment plans problems. Despite spates o£ good . 

forthe period. For Bathgate this productivity its workforce has IrOUulC 
means that a proposed new gained a reputation for unre- 

buildina to produce knock-down liability, and output before the Bathgate is also not the only 
kits v/iJI be abandoned and strike was running at only 65 trouble spot amid a sea of calm 
expansion of component per cent of- planned production, in Leyiand Vehicles. Jo the 
facilities and other develop- The Bathgate workers defied first six months of this year the 
menu also shelved. As a result appeals and instructions to re- group produced 9.000 fewer 
plans to increase the plant's turn to work despite warnings units than in the first half of 
labour force from 5.500 to 9.000 hy Mr. Michael Edwardes, chair- last year. Last year was in any 
by 19S2 have been pruned and man of BL, and their union that case the worst ever, with 43.100 

vehicles produced compared 


'V n f 't’-i,- ' V - - 




ZSuZ/Tr^ - 


.. . 
■'■v^ • . ••••', .y, 



v '' 





Ford D-series trucks in the quality control shop at the end of the assembly line. 


with 65,400 in 1970. 

Recent production in Leyiand • 
li Vehicles as a whole has been 
running at 73 per cent- This 
disguises the fact, however, that ' 
output in some factories is much 
better than others — produc- 
tivity in the five bus plants, for 
instance, is better than average | 
and usually runs at around 90 f 
per cent. • . “• 

However, the pverail indus- 
trial relations climate v.ss a J 
central factor in Leyiand 
Vehicles management telling ^ 

(1- union leaders that there would s£. 
have to be a substantial reduc- ettiitu-. 

Disputes an^n^cS^rac- Shop steward leaders meet the Press at tke.BL Bathgate plant r 'West Lothian, last week. 

tices, says the 'company, are . 

costing a great deal of home 'V 1 .:. 

sales and putting . most of its willing to examine the unions* leaders that the £32m invest- 
overseas business iu jeopardy, alternative strategy although meat cut at Bathgate is not 
The unions are dissatisfied executives privately say that negotiable in any discussions 
with Leyiand Vehicles' invest- they do not believe a more- thev hold ea an alternative 
ment plans for the next five ambitious - policy can be pur- strategy. Despite thir a rcam- 
years and are demanding a sued until. - productivity paign to reverse the decision 
more ambitious approach to the improves. Mr. Jack Smart, „as mounted as soon as it was 
development of the company, deputy managing director of announced. 

They intend to harness their Leyiand Vehicles, has said that 

research facilities and provide the company will •• gradually Many industrial relations 

management with a detailed work itself to a standstill " issues in the commercial vehicle 

alternative strategy within the without improved co-operation industry are understandably 
next few weeks. from the workforce. It was pro- similar to those in car factories. 

Union leaders accept that ducing some very viable and with* complaints about cpm- 

they may have to- go to the economic models bat markets pressed differentials: and the 
National Enterprise- Board and would continue to fall off unless inflexibility which several years 
seek more public money to it could produce them in the of tight pay policy has imposed, 
finance their plans! necessary quantity. There Is. however, a very dose 

?. The company hag said it is Leyiand has told union working relationship between 


unions in some of the plants. ’’ 

Since the announcement of 
the Peugeot-Citroen offer ' for 
Chrysler's European operations 
the Luton and Dunstable truck 
plants of Chrysler UK have 
become a point of particular 
interest. -. v * 

Speculation about the future 
of these plants, -which have 
themselves suffered a recent 
strike by .workers - demanding 
pay partly with Chiller’s 
Coventry 'factories, has varied 
widely.; Some observers see the 
Chrysler UK truck operation as 
a fc&se for 'Peugeot-Citroen to 
expand in this sector of the 


market ■ 

However, a joint research 
report by the main motai 
industry anions suggested thal 
rather ' than develop- 
business Peugeot-Citroen might . 
resell it; Leyiand, IVECO and* 'y'-‘ 
Saviem Berlfet were held ouf^‘" 
in • the. report ' as: .possible 
buyers.' If the .union specula- - 
titin proved correct and the 
Cinysler truck plants did go or 
the market tbe Government.' 
would come under strong ' - 
union pressure to absorb then: 
into .Leyiand Vehicles. .... 

Alan P3 r 









Vr ' • \ r 
. * . >*• . - , 

' , . ' 


pS? v .'i * >'■ 


If:; 

.*• • ? . " if.’-: ■; 

A r - v r * 




V**- 


i r r*. 


(1 n IBsi ayr As far as we were concerned, the decision to specialise came rather. 

U W r -- S ,easi1 V- After a lop 9- hard l00k at ^.transportation industry throughout 

, Europe, it became apparent that although there were many 

manufacturers competing in the market, place, too many of them were 
... w ■" concen.trating their efforts in too many directions:. - 

We decided to sell off our motor car interest to one of our major competitors and 

concentrated on what we know best— trucks. 

We f eft that operators deserved a better deal. 

When you consider that in Great Britain alone,. /IkjP Dnl : 

86% of goods are moved by road, you can see : t 

the importance of the truck industry. / 

Now our confidence is being rewarded. Operators ' 1 

are appreciating the type of 'total' service we provide. As-Well as building what is probably 
Europe’s finest range of trucks, we also ensure the best possible back-up for all 

DAF truck operators. ' ' 

— T^Next.time you see a DAF truck 
B 0F l* he road - ^member that it’s been 
■ f L ( y, B btiift by a company Who specialise 
^ ' d 'W qkS; Remember-too, when.yotr : 

dospecialise you have to be 
better than the rest- there's nothing. . 


(GB)Lfil. 

ingham|hiFe-SL7t4.vvr : 
6284) 6955.Tefex: 848489, 







■ V 





flnancial Times Monday September 25 197S-: 



31 


Euphoria in the fine arts salerooms 


is, 


BY ANTONY THORNCROFT 


W5r - 






jONDON fine art sale- 
»ave started their 197S-79 
this month in a decidedly 
. v :c luoixl. The summer 
-Sotheby's and Christie's, 
he largest auction houses 
. -world, still close down 
ew weeks so that their 
□a! customers can go to 
ouse moors — has given. 
U a chance to work . out 
w profitable the 1977-78 
i turned out to be. 

•by*s net sales totalled 
t. a 31 per cent increase 
ie previous year. Even 
the disposal of the 
jvort Hirsch collection in 
Ny in June, which brought 
in a week, turnover 
I still have been band- 
. j higher. For Christie’s 
f pprovement was even 
sales of £89. lm. a 34 
t gain. Phillips also had 
"T ± at £23.9m, a rise of li 
* ent, while Bonhams 
d £7 jm. up by a quarter. 
Jlec lively these four 
■ salerooms alone had a 
t in excess of £280m. 
years ago sales would 
en closer to £10m. 
markable thing is that 
id growth seems likely 
ue. The publicity 
o the salerooms these 
daily the eye-catching 
tike Mentmore and von 
make both sellers and 
^ auction-conscious, and 
, : ^pjiall local . auctioneers 
- \i^ViM 0Ut i h e country are also 
But the main 


abroad but it could approach 
60 per cent. The fall in the 
value of sterling has undoubt- 
edly helped in attracting over- 
seas dealers but the expertise 
of the salerooms, and the rela- 
tive simplicity and cheapness of 
their charges compared with 
those of continental com- 
petitors. are other important 
factors. 

But hand in hand with making 
London the acknowledged 
centre for most . markets 
(Sotheby's toyed with the idea 
of dispersing von Hlrsch’s 
collection through other offices 
but wisely channelled it all 
through its Bond Street bead- 
quarters) Sotheby’s, •Christie’s 
and Phillips have developed 
rapidly abroad. Last . season 
Sotheby's drew almost half its 
sales from its overseas sale- 
rooms. with the U.S. bridging 
in £61 m. a gain of almost £l?m. 
Christie’s was slower to set up 
an international network but in 
1977-78 the offices in New York. 
Geneva, Holland. Rome- and 
Sydney almost doubled sales to 
£32m. 


New York 


30 and 40 per cent of 
lots sold at Sotheby’s 
*'^®^^istie , s are sent in by 
' .vendors. No one knows 
"• how much goes back 


For Christie's the -Taost 
significant development has been 
its success in New York.. ‘For 
years it just maintained an office 
there after it competed : :p[ith 
Sotheby's to buy the Parke 
Bernet saleroom and lost. While 
Sotheby Parke Bemet stormed 
ahead for ten years. Christie’s 
held back. Then in the summer 
of 1977 it ran a sale of Impres- 
sionist pictures with mixed 
results. Since then it has hardly 
.looked back, not only managing 
sales of £18.3m in its first season 
hut also makine a .profit of 
£500.000. a notoriously' difficult 
thing to do in New York/ Its 
policy of charging buyers a 


M Per cent premium while 
cutting the charge to vendors 
to 10 per cent, or perhaps less, 
has obviously paid off. Christie's 
has been particularly successful 
in selling books and jewels: a 
Gutenberg Bible sold in New 
York for an auction record price 
for any book of S2.2ra while 
jewellery sales brought in $6m, 
including $715,000 for a 26.95 
carat diamond ring by Harry 
Winston. In the new season a 
sale of .Wagner manuscripts 
should attract .good bids— the 
score for Tannhauser could 
fetch $250,000 and Rienzi 
$ 200 , 000 . 

The danger in opening offices 
overseas, apart from the high 
initial investment, is that it 
could he a case of robbing Peter 
to pay Paul, Christie’s will be 
carefully watching its Geneva 
jewels sale this autumn to see 
whether the American dealers 
bother to come across. But 
Sotheby’s experience has been 
encouraging. “ When we took 
over Parke Bemet in 1966,” says 
Marcus Linoll, joint managing 
director of Sotheby's, **I 
expected it to become more 
important than London in five 
years. It has not happened." 

Phillips followed Christie's in 
New York and although it has 
held 60 sales in its first season 
instead of the planned 12 it does 
not expect to be making profits 
for 18 months. ” It is very 
trappy there” says the chair- 
man, Christopher Weston. “It 
costs three times as much to do 
certain things, like printing.” 
Phillips’s itoro immediate 
achievements have been further 
north in Canada, where next 
month it opens a saleroom in 
Toronto to go with its successful 
cntei prise in Montreal. 

Phillips is very cost-conscious 
at the moment For two years it 
refused to follow Sotheby’s and 
Christie’s in introducing a 


buyers' premium of 10 per cent 
Now this season it has been 
forced to do so: it just could not 
operate profitably enough by 
relying on the charge to sellers. 
It also found that while 
Sotheby's and Christie’s- could 
afford to do deals with vendors 
of important and desirable 
collections, perhaps reducing 
their commission to 6 per cent 
or so, it lacked the flexibility. 
So far the 10 per cent added to 
the hammer price has not upset 
buyers: thpy have probably 
become immune to it during the 
past two years. ■ 

. The charge to buyers has 
undoubtedly improved the profit- 
ability of Sotheby's and 
Christie’s (both now public 
companies) and enabled them 
to fund new developments. 
Apart from opening offices over- 
seas there has been an awakened 
interest in the provinces. Once 
again Sotheby's has led the way, 
getting together with Beamcs 
in Torquay and Henry Spencer 
in . Retford, hut this week 
Christie's is expected to 
announce an acquisition of its 
own in the north of England. It 
is worth while keeping an eye 
on . the provinces, not only 
through local salerooms but by 
organising “ probes " from 
London, and getting people to 
bring in their unconsidered 
trifles for valuation. Bonhams 
has now got a mobile valuation 
unit to travel the country, while 
on a recent visit down to 
Norwich Christie's, South Ken- 
sington, unearthed an over- 
looked view of Liverpool which 
is expected to make £12,000 plus 
at auction this autumn. 

The success of the London 
salerooms is based on their 
comprehensiveness, their ability 
to attract the big international 
collections and to dispose of 
them in the best markets — 



■y$ 








-■« - ■ « ,s. *. *»•.'**'*£ 


Madame Chanell (right), pictured in 1929, and one of her 
creations which will be up for auction at Christie’s South 
Kensington on October 10th. The famous conturiere’s personal 
wardrobe, plus her costume jewellery, go under the hammer. 


Geneva for jewels-. Monte Carlo 
for objets d’art; New York and 
London for Impressionists and 
Moderns — while also servicing 
the small collector. As Peter 
Wilson; chairman of Sotheby's, 
points outi;-‘‘ Of the 303,000 lots 
sold in 1977-78, 62 per cent sold 
for £200 or leas.” For every 
von Hirsch there are hundreds 
of routine auctions. 

But voir Hirsch was crucial. 
Sotheby's no doubt negotiated 
a fee much lower than its usual 
commission to handle such a 
prize bat the rewards in 
publicity and in attracting 


more business were immense. 
Sotheby's offices on the 
Continent already report 
increased inquiries, and the big 
event for this autumn is a sale 
of Italian pictures from an 
Italian collector which should 
top £2m: another good example 
of London acting as the art 
entrepot for the world for the 
really important items. 

Such profitable growth 
naturally attracts critics. For a 
public company, with the atten- 
dant pressures on its financial 
return, there could sometimes 
be a conflict between the tradi- 


tional role of the expert middle- 
man and the entrepreneur. 
This is most blatantly revealed 
In the buying of collections, a 
common practice in Europe, but 
traditionally British salerooms 
were genuine auction houses 
keeping a fair balance between 
buyers and sellers. Sotheby's 
has been an active purchaser, 
especially in the U.S., where 
vendors, or executors, often 
want cash immediately rather 
than wait some months for the 
return from an auction. One 
particular collection of armour 
was bought by Sotheby’s for 
£500.000 and sold for double 
that sum. Just recently it has 
spent £2m acquiring the 
Honeyman collection of books 
on science which will appear 
on the market in the next few 
years. 

In the same way Sotheby's 
role as advisers to the British 
Rail Pension Fund has also 
caused controversy. In prac- 
tice the Fund has bought from 
many sources in addition to 
Sotheby's and once works of 
art are considered a legitimate 
investment, it is difficult to see 
who can offer advice apart from 
the salerooms. Dealers are too 
specialist, and museums too 
circumspect. 

Salerooms are careful not to 
lay too much stress oh the in- 
vestment potential of works of 
art. suggesting that collectors 
buy what gives them pleasure 
rather than profit. But when 
buyers take this advice too 
seriously it can slow down the 
flow of goods. There is a short- 
age of good furniture at the 
moment, mainly because people 
are keeping their investments 
in their homes. In contrast 
jewels and books are fast grow- 
ing markets, mainly because 
they are small and portable, 
and easily taken across fron- 


tiers. All the salerooms, are 
more anxious about acquires 
works of art than about dispos- 
ing of them, but rising insur- 
ance rates In London ana 
nagging fears about a Wealtn 
Tax or Capital Transfer Tas^ 
are ensuring a steady .supply- 
goods (furniture apart). 

In the main, though, ■there! 
are no immediate problems? 
facing the auction .. houses* 
British demand is picking uP ; 
in line with the economy, as was: 
to be expected, for the purchase 
of works of art reflects conn-, 
dence and prosperity. If the 
pound improves in value lb, 
could discourage overseas, 
buyers who would then find, 
British goods' expensive, but,, 
there are enough dealers frcun^ 
countries with strong currencies 
to make up for the weaknesses 
in the U.S. and Australia, where 
Christie's has been forced td- 
close down its office. 

The major happenings in.. 
1978-79 could possibly be within ‘ 
the salerooms themselves rather ' 
than outside. Bonhams could " 
perhaps respond’ to one of the 1 
many takeover inquiries for 
this family run business; 
Phillips might consider follow- 
ing its bigger competitors and 
go public; Sotheby’s in New 
York could decide that it 
needed to introduce a buyer's 
premium to stay competitive* 
with Christie’s. There might be' 
no major sales on the von- 
Hirsch scale bui more lots will' 
come under the hammer, even 
if there is little profit in such- 
specialist headline - catching; 
events as Phillips’ auction' of 
Cricketana last week. For years 
the London salerooms have-, 
prospered because of then*? 
knowledge; now that they are; 
very competitive big businesses' 
the race will be on to develop - 
the managerial skills to go with 
their artistic expertise. 


Letters to the Editor 


countancy 

immations 

frs. F. Mincer 


Information 

gathering 


The present mess is ridiculous, nounced the tree dangerous, the 
What the vast majority of authority is put on the spot; 
individual travellers want— and 2. Similarly, if the danger is 

should not be denied any longer imminent and the council can- 
— is simply to be able to ring up not trace the owner of the tree, 
and book a flight, one-way or it can take the necessary slops 
Once again V the con-men «****. .with the minimum of itself without further ado and Firm the Information Officer. 

•" Institute of Chartered hassle and without being fleeced recover the cost later; and Institute of Personnel 
-.-ants of England and ^ expense-account rate. Is (his 3. Whatever happens, the com- Management 
—-ire guilty of their twice- 4oomuch to ask? • - p Sir.-Mr. Dan Smith in his 

-:onfidence trick. The airlines’ justifications for benefit of a free expert op man article -Making sure managers 

"._>r to the poor pass rate high fares-haying to maintain as to whether the ! free really is. are well informed ’* (September 
: e July Professional scheduled services year-round, or likely to become, dangerous. 18) considerably undervalues 
- -ation II. What these face- multiple bookings, no-shows, J- T Greig^ ’ the role of the information 

guls fail to realise is that reservations changes, etc.— can J5B > Gauden Road. SW4. specialist when he says that the 

irybody is a university all be dealt with. To put an end 
-e. They willingly to multiple bookings.. Second- 


I students into training class passengers would pay fon 
)" and “A” levels, who. their tickets on the day they 
successfully passed inter- made thel r bookings. Advised*- 
or foundation and PE I cancellations and reservations 


Payment by 
results 




company "Information gathering 
job can be given to information 
scientists, librarians and 
researchers.” (For "can" read 
“should.”) The recent lnfonna-, 

, - -- - — - - , tion explosion necessitates that 

find themselves con- “ia n ses would Incur a nominal From the Chairman. The Anne this function .is carried out by 
by a PE II paper geared, charge to reflect clerical costs. Shorn Organisation qualified information specialists, ] 

ipposition with university No-shows would have 25 per cent sir, — Mr. Williams is absolutely whether information scientists, 
es. These "O” and “A” of the value of the first booked right in his statement on Septem- librarians or researchers, to 

students are therefore sector deducted automatically ber 20. that non-manual ensure company managers are 

; the examination hall “ ofi3 . tlie amount already paid, workers' incentive schemes must kept well -informed, 

under a severe handicap. ,*£L ers y oo J4_ . 0W . J° b« fair and seen to be so. that Any professionally run infor-| 


Mr. Roy Jenkins. EEC Commis- 
sion president, addresses seventh 
world congress organised by the 
Society for: Long Ranee P tanning 
at Dorchester Hofei, London. 

IMF /World Bank annual meet- 
ing starts' in Washington. - 

He nr Helmut Ronnenberg, 
m a nagingv director of the German 
Confederation of Employers’ 
Associations, lectures on business 
prospects, and problems in West 
Germany at London Chamber of 
Commerce , and Jwketry seminar. 

European Offshore Industry 
Export Conference opens at 
Connaught Room*, Loudon (until 
September 27). 

EEC Agriculture Council two- 
day meeting starts, — plans to- 
reduce nrflk surplus to be dis- 
cussed. 

Two-day conference on “Post 


Today’s Events 


Office Telecommunications — the 
way ahead? ” opens at Cumber- 
land Hotel. London. Speakers 
include Mr. F. Phillips, PO Tele- 
coms marketing director. 

Sir Peter Van neck. Lord Mayor 
of London, visits Chicago. 

Britain discusses new air traffic 
agreement hi Copenhagen with 
Norway. Sweden and Denmark. 

Vicomte Etienne Davignon, 
European Commissioner for 
Industry, addresses International 
Federation of Cotton and AHied 
Textile Industries five-day confer- 
ence at Grosvenor House. London. 

Re-opening of Marine Midland 
tax test case before the City of 
London Special .Tax Commis- 
sioners. 


-British Tourist Authority annual 
report. 

Peru resumes industrial fishing 
—but anchovies must not exceed 
20 per cent of catch. 

Fifth Commonweal fh .Magis- 
trates’ Conference continues at 
Oxford (until September 29). 

Crown Agents’ Tribunal 
resumes at Church House, West- 
minster. 

President Carlos AndrCs Perez 
of Venezuela flies to New York to 
speak at the UN on the 
Nicaraguan question. 

Three-day “ Ready-to-Wear ” 
Fashion Fair opens In Harrogate, 

Five-dag conference on “ Trends 
in Physics ” opens . at York 
University. 


Duchess of Kent attends' 
Women of the Year Lunch epn at- 
Savoy Hotel, London. 

COMPANY RESULTS ' *- 

Final dividends: Adwest droupL, 
Chambers and Fargus. Parker?* 
Knott Interim dividends: C. D, 
BramaH. Fisons. General and Com- 
mercial Investment Trust. Jersey 
Electricity Co. Albert Martin 
Holdings. MeFalrax (Holdings). 
Ruo Estates Holdings. Tarmac. - 
Interim figures only: Channel, 
Islands and International Iiw.; 
Trust. 

COMPANY MEETINGS 
See Financial Diary, page 38. 
SPORT 

Boxing: Johnny Owen v Wally 
An&Hss, bantamweight, National 
Sporting Club, London. 

Tennis: Pernod Trophy, Notting- 
ham. 


',r-„ -. -< one ask how many of withdraw from a n>v routes at any they should ' be reward for mation service is geared to the 

££>!’ ^ v - v 4 ^i’sent members of the In- tim ? b y- S lvin S, three months genuine assessment of efficiency 




k - b i U - - A1I - . . . . . r needs of its users and to suggest 

...... are eraduates. and' not,ce - . very -simple. and prompt. He assumes that that the information person may 

***•■'■ 4 % how manv would success- W1,h the above changes and a these requirements' arc met by be so isolated that they need a 

v ass th* 'present PE If measure of Government pres- pbr schemes for manual “liaison man" with experience 

ition Surelv some allow- s J ire * Ai rec t or indirect (perhaps workers. of the industry is utter nonsense, 

id consideration should the remo J a, . < ? f Iengtlw>f^tay and I strongly disagree. Such In- How caiv the information 

j L f 0r t h e students who advance-booking restiictions on centive schemes are frequently specialist fail to be aware -of 

K^nVrved four five or more Lak ^ e . r T 5 harter *, arcs unfair and seen to be so by those management needs when he/sbe 

® tTf/Lrfpr articles who nnw Europe would come down familiar with the shop floor. is daily plied with requests for 

V'. ■ l& x* ^^^-jnselvMin a situation °of initally , 10 , about , ha - f th ££ . PBR schemes are liable to be information? A proper 

* ' ? dosinc and If wartS of present levels, more in hue with fraught with inconsistencies and information service exists 

• h-ird work »oH cinrivin* those Parsed in North America, inequities whatever the type of not only to provide information 
aw been ex^loitid « a As the margins between the new work involved. Standard setting i n response to demand but .also 

/hDur fow fnr ^rhe ratlona ! ^°™ al fares an f d cannot be absolutely objective to analyse and anticipate com- 

Ind 5 remaining low er promotional and tends anyway to be un- pa ny needs. This is undoubtedly 

’ ' Old hare hee^ more b fav fare ?, would D0W . ^ related to actual levels of per- a function best performed by the 

- - " tn small, most people would prob- formance which reflect instead qualified information specialist 

-• ilr "normal’’ fa res. a whole corap ]ex of individual A]i Son Jago, 

-- a nr P a > iQ S small Stopover charges and social values and pressures. Central Bouse, 

' ' . ■ SJ5HL 1* for stopovers taken. Added Thus control of level of produc- Upper Woburn PI ace. WC1. ' 

lopping it off advantages for airlines, apart tion becomes "unofficial," and 

from a passenger drift-back from. ou tside “official " . managerial • 

charters to scheduled services, influence; overall planning and 
would be fewer people would be co-ordination are . adversely 
tempted to fiddle, the need to affected, 

overbook passengers would be The complexities of modern, 
significantly .. reduced, f **res production techniques make it 
could be included in timetables difficult to isolate individuals for 
again without embarrassment, incentive sebemes and the depen- 

airlinc staff could concentrate on dence of one production worker From, the F ecretary-G en era L 
taking — rather than explaining other production workers, 77ie Building Societies 
— fares and last-minute travel- maintenance men, and supplies. Association 


nd then 
■'heir noses. 

>r. 

1 abridge Road, 
, Essex. 

>rmaP 

fares 


Building 

societies 



. r. Stephen Harding , , . 

//Airline officials trying to lers would stand a much better for sample, makes such an Sir. — Sir Cyril Black expressed 

*We problem of what to do chance of being able to set isolation unsatisfactory. concern (Septen 

future queues of stand- through on the telephone 10 • However, a PBR scheme- that mortgage funds being diverted to 
^eneers might refect on actually make their reservations, focuses on a group of workers Europe. There is no question of 


that the -roof cause is Stephen Harding, 
ailed “normal” fares are 9. Eaton Place . Swl. 
out of reach of the 
public, haying been 
tely pitched at those 
travelling on business 
:ause they have to travel, 
taken for a ride at any 
How many others can From Mr. J. D. T. Greig 
>ver £200 for the return 


. also has disadvantages. Incen- this happening in the short term; 
tive effect is lessened when indeed, in the longer term it 
applied to combined effort and seems likely that mortgage loans 
group, reward systems may not arranged in (say) Belgium would 
satisfactorily accommodate less be financed by Belgian investors, 
able oi- less efficient workers in ' What building societies are 
the group. doing Is to stake a claim to 

Furthermore, research sug- operate in Europe and to ensure 

gests that PBR, while Initially that they are in no worse a com- 1 

Sir-^-i agree with Mr. Timms apparently effective tends to be petit! ve position there than 


Dangerous 

trees 


Copenhagen or Milan? (September 13) that it can be subject to- markedly diminishing savings and loan Institutions 
fares have always been unrealistic to look to Government taunts in later stages. based in other countries of the 

with annoying length -of- departments to provide effective Tots I would suggest that the EEC. 

..-‘/or other restrictions for remedies in disputes across the potential of this type of scheme Norman Griggs. 

.-e else to ensure mini- warden fence. ,s in both application and 14, Park Street* Wl. 

.-Uution of this lucrative " k v ph so. I fed that another value- for manual as _well as non- ■ . 

v revenue. reader was poorly advised by manual workers. Where such 

: opinion is now ready t j,e Financial Times recently sch e m e s already exist and are 
. mal" fares based not, as- f Aucust 26J when you suggested accepted as working •.satisfac- 
. ast on, what the business that his best course, suspecting lonly.. there is of course, no 

. will bear but on costs. An T h ?t a neighbour's tree was in a reason for them to be discon- 

. ■ dent body is badly dangerous condition, was to put turned. 

. this side of the Atlantic his neighbour bn notice of the However, the suggestion made 
; laximum “normal" fares hazard and of his liability should pF Hr. Williams, in his earner-^ 
to sector lengths and the t b e tree fall and damage his letter published on September 6. rinm 

.g costs of an efficient property. A more practical that PBR schemes should be pro- Sir.— Even when the 1929 Com 

airline osing Boeing 737, step would be to call on his local moted on a widespread basis as a 

727, and Boeing 747 air- authority (under S.23. Local major cure for this country s 


Investment 

decisions 


airline using Boeing 737, step would be to call on his local moted on a widespread basis as a panJes Act was still In force, 
ra7 and Boeing 747 ai^ auffiy (5nde? sS. Local major cure for this country’s 

n short-, medium- aa.(E Government (MisceHaneous Pro- economic .ills. Strikes me as a M-n P from -S l?i ,, ^aJed 
il routes,, -respectively. T i S ion.s) Act 1976) to make an disturtfing one. ’ ?^25»2i t SSJ2 U hil? a JS? 

lark fares— the new “nor- .inspection of the tree and. if It Thera, is a rigidity in retting a where own finn 

ares would 1 allow break- - considers that the tree is In ^ndarto of p^oimace that w^ad a stoke, but he always per- 
per cent of the seats such condition that it is likely to inappropriate to the pace of bis -role .1“ a pleasant y| 

j/ J -*i Routes such, as London^catise damage" to the complain- modern technological develop- low Rey. 

«^.-f»u)d be put out to tender a nt or bis property', to require men* and change. It js flexibility Novradaj^ _hwever,- associ^ 

* ren lower fares for all the neighbour by notice to make that. must now be emphasised. U o£ . 

on- the - route. The the tree safe within a specified workers are prepared to under- - bang a ' big J™®- “J 
1ATA Loudon-Paris period of time. Of course this take any. task required within an of °Sati y 
re is now £39. Between leaves it »P to the local authority organisation,!! management is h Snw 

nd Houston, a greater whether it take®' up the cause prepared in return to guarantee wtach^, to the nat 
Southwest Airlines fly with - vigour but the practical continued' employment, and if all information must he passed that 
17 non-stop Boeing .737 advantages under the -Act are as , are willing to - participate in is not at the same time im “^- 
(per day each way. .The -follows - — adaptable -co-operation, then we ately available to, perhaps-, 50,000 

.J just £13, dropping to-f8 1 if ‘the owner fails to carry will -achieve the increased pro- other ^snarehomers. 
d And the drinks are out recommended work to the -ductivity that is so urgently . It all seems vastly improper to 

) tree, the local aotbority has required; mc - 

V. *U>:es in the fare structure power to do .the work itself and. A. G. Shaw, B. J. Pinchw ; . 

'■ r % i only long overdue hat. in recover the- expenses from the Brook. Lane, : . Til Dollis Road, 

- * r' v ines’ -own best interests, owner; thus, having already pro- Alderley Edge, (Tieshira. Miu HUi. Nwy, 


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-?• . *• 
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V 




Having a good diary is as important to every 
businessman as having a good secretary. 

It’s essential that meetings are remembered, 
that deadlines are met and that each working day is 
planned well in advance. 

The FT Diary allows you to do all this with 
efficiency and elegance. 

However, being a diary is just one of its many 

facets. 

It also contains a comprehensive business 
information section with a list of useful information 
sources worldwide. 

Not to mention a French and German business 
vocabulary. / 

There are 18 pages of statistics from weights and 
measures to international clothing sizes and monthly 
expense sheets. 


‘.W- 


In addition to the desk diary, there’s a slim 
pocket version and wallet, and an address bbok^aU of 
which can be gold-blocked with your initials and 
company logo. 

The FT Diary is, in fact, a complete business 


V< 

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be without 

Not even directors. 


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Financial Times Ltd, Minster House, Arthur St, London EC4R 9AX. Tel: 01^623 1211. 
Please send me your brochure and order form. ■ ’ ■ 

I am interested in buying more than 25 copies for a business promotion \ ■ 

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Jb'iiidiiuai, Tjiiifcb iviuiiUaj oepLeliiDei’ lo 1^78 

Lbt of AMlcttfrs will am at M *.m. an WeAkhIiw. 27W Beptamher'. 1918. 
phI <Jm at any time tiwnafte- a* Uta WM 4 *y. ' 
i Iswf » niiKfe ni orcoftlaiir* uiih u r.ffit-igl cbrnreni pwfft by Via Treasury 
nti-iei ihc Cantrtil 'll (Wrc-nRi* OijJcr fTW. 

IsttWa baa beta made (a the Council tl Thu si&cs w*i*»ny* te u* hmek batog 
LtMiri tft be admitted 10 Ulc Qaiciil Llsi. 




-*0^7 ’ 

**rt\ v i 

fSfls** * * ^* 1 **^ 

ONDON BOROUGH OF 
SOUTHWARK 

ISSUE OF 

£25,000,000 Southwark Corporation 
12£ per cent Redeemable Stock 1087 

tni llv Ciitivil of Ihc {.iimlon Buronoh ol :W.li»i-rt*fc <rwS i«nuvl m 
Mnrv uiih ftp I r-rai nr<m-rimmf Art iirr. the temt Au/iitwa 'A write nnd 
\f Atpiicumi !>7f untf the OnflOtKf'iUd Lt-ana tuod ,5uiiUvedrki Scheme 


Further fall likely 
in interest rates 



33 


mote recovery in industrial pro 
tluctUm and fallowed * decline 

in market rate*;. 

Major commercial backs sub- 
sequently announced broadly 



Price of issue £99{? per cent. 

Payable as follows: — 

On Application £10 per cent. 

On 31st October. 1978 £40 per cent. 

On 12th December, 1978 £49} per cent 

£99} per eent 

eft fltf» Income nor) will he payable haif*sarly an 15th February, and 15th 
«. A ffru Interest payment el 0.4*58 (less Inccma ux) per OBO Stack wHl be 
made an UUi February. 197*. 

5h<l! IS on witimmr tolling until-, part it -I the Hnf Schedule la il.r 
iTu^Uac } 11 , csQci'ats Art MSI. 

■arc lays Bank (London and micro* Haul) Limited, Nrw issues Deportment. P <>. 
S*. 111. 2. iJinden Wall Bui Minas lurdun Wall. London. ECiP 2BU. ate 
inv-l bj 1 hi* Cfliin. 1 ; or :hv London Borough ol si.mhwjiS to receive applications 
sr abate amount ol Slock 


BY MICHAEL BLANDEN 

SHORT-TERM interest rales in the light of recent disorderly 
, Inc UK are likely to fall further conditions in foreign exchange 
before the end of the year, in markets and .continuing mJla- 
respnnse to credit controls which lionary problems. * 

] have slowed the prowl h nf money Major banks’ prime rates had 
l,,, Pp!y. according in Williams risen to 9.25 per cent on August similar reductions in their prime 
and Ciiyn’s Bank. 30 and to 9.5 per cent on Scptem- leading and deposit rates. 

In us latest review of Interna- ber 15 - * Indications are that There were falls in market 

tinnal interest rate*, the bank rules may move higher sail, the ra tes' to France. Denmark and 

commented that money market bank commented. Sweden, reflecting easier credit 

rates in the UK had eased In the European money mar- conditions, while a 1 per cent 
slightly during the month to mid- kets. however, conditions had rise -in Norwegian overdraft 
September, but Hie prospects of been relatively quiet. The only rates. 

an early fall tn minimum lend- change in official discount rates There were falls in market 

ing rate had receded because of in Europe was a l per cent cut rates. In France. Denmark and 

thf upward movements in the in the Italian bank rate. Sweden, reflecting easier credit 

VS. The reduction from 11.5 per conditions, while a 1 per cent 

On the other side of the cent to 10.5 per cent on Septem- rlso -. in Norwegian overdraft 
Atlantic, the Federal Reserve her 1 reflected the Italian rates followed the recent rises in 
had raised its discount rate in Government’s strategy to pro- other rates of interest. 


Sbort terra interest rates at September 15 


. Vi . 

la ? 

I Li 

jif- 


SECURITY".— The Slack and tuun.-st (her., or vlU b- neural UOCft all (to- 
lies of :h*- Corporation. Thv Stock nlll rank .-(juully « i?h all soctuiUrs issued 
« Carpnra.'iun. 

PROVISION FOR REPAYMENT OF LOANS — Tho roumll fe retired bv 
nr Pari i am.- n: and b! ifar CantoIxlaK'd Loans t-und • Southwarltv- Scheme. 190S. 
»kc annual Brandon towards rt->rnpunn fit kiaits raised (or ravilal emoriliai* 
»n malt, nu h r>.-tnrn« tn lOnn-vtiou iberralfh us inar be ruoulrcd by ihr 
Lory of Sl:ii>- for iJir Envlrasni.'nl. 

. PURPOSE OF ISSUE.— TIk proceeds of the presem is-sup nf Stock *-111 b- 
•d in mpLicir rr.oi:i.-« rrffiporanlr bormve-d m lorri authorised capital expend, - 
10 r-pla> c mar ur i as ninnsazr deb:, to (imtH-e further eacutal espebdlllin.- and 
fray ilu* it» - s clianm and •'xocnsvt of snd inr((1c>::al ij iivt ksul- of the Simv 
REOEMPTION OF STOCK.— The Stock viU ix m>i-ini«i a: par on Uth 
si. lnYV. unb-ss ppimjusly var.ci-Ued by purchave >n I ftp oaen msrktl or bi 
: > \ ~ o ,m.-ni wuh Ui - h9Mvn. 
k »iLtr.\ 5 REGISTRATION.-^ The 'aKKk irtw lolly ivi;d will he rcKhTprinS and transfer 

v w U Jlrfree of e}i arse In amOUBfx and u:ul:<Da-: nf one p»imv t>v irw'riimnm fn vrJNiit 
‘■.-ortanc? nifh tlw ‘L-ol-Is TrauJi-r Ail :d«. Tl« RratMor ol tbo Stock «ril> be 
international) Limited. ReBtstradaa Dapsruneoi. 

M-ifl I:,- paid half yearly on I5:ti j 


* h 


/ ! b Ve 1 »* Barclays Bank (London aad International: 

- * rS\ hr tf mbe Nall. Kantsforri. Oiediire. WA1S SEU. 

Ull INTEREST.— Jninrrsi ilrs« ini-nme iu> 

• . . » i , ^tary and I5tft aueusi !>:■ aarnrci. which *1U he wn: by post al 0»x Smdibolrtrr- 

» 1 • V y r^-i>,_l 3n ihe cat*; of a joint accuinn. lb.- vrarrani *x' 


Country 

Bank Rate % 

Overdrafts % 

Loans % 

CoRsncrcial 2 nd Finance Paper % 

FRANCE 

950 

1.9.77 

10.35 plus commission of 
0.05% per month on highest 
debit balance in month. 

9.90 minimum rate "Credit 
mobiiisablc ” 

9.9 0 min. 
for corp. 
borrowers. 

Commercial Bills 90 days 9.90 

Finance 9.90 

ITALY 

10.50 

1.9.78 

T7J0 

— 

Commercial Bills to 180 days 1650 

THE 

NETHERLANDS 

4.50 

26-7.78 

7 50-8 including surcharge 
of 05% 

— 

— 

SWITZERLAND 

I 

2*2.78 

. 6.25 unsecured 
. 5.75-6 secured 

4.75 

Commercial Bills to 90 days 125 

U.K. 

10<MJ.JL) 

8.6.78 

11-14 

11-16 

Commercial Bills 

Bank: 3 months 9.16-922 

Trade: up to 180 days 9.88 

W. GERMANY 

3 

14.12.77 

658-650 

Sometimes reduced for 
first class borrowers 

6-458 
Sometimes 
reduced for 
first class 
borrowers. 

Commercial Bills 6-638 


i i 


Wi UI 

». ■* vs ] \ m wan 

pi ere bug- 


: i 

- . L 


A • 

AiH 


? ^ 



Unemployed 
benefits 
should 
be taxed’ 

NEMPLOYMENT benefits 
hould be taxable, and the extra 
■-•venue should be used to raise 
loir level, says the Midland 
ank Review, published today 
The change would permit the 
i resen i system of benefits to 
larantPe a minimum income 
bile at the same time reducing 
u' disincentive to work. 

The two authors. Professor 
B. Atkinson of University 
-r »l!ege. London, and Mr. J. S. 
■’cmming. Fellow of Nuffield 
‘ollegc. Oxford, sav that only a 
nail proportion of people an* 
dually better off when unem- 
loved. 

However, because income «* 
ixed and benefit is not it was 
metiraes advantageous for an 
n employed individual to stay 
it of work a Httle longer rather 
ian take the first job offered 

'efundsr 

The failure to tax short-term 
attonal Insurance benefits d« 
at arise from failure to recog 
: se the ■ problem but from 
Iministrative difficulties. 

In 1948-49, when benefits wen- 
xed. the Inland Revenue found 
*us' task unmanageable, mainly 
ecause the - operation of thr 
’ay As You Earn cumulativr 
ithholding system relied an the 
rnployer making payments to do 
be withholding. 

The authors say that this prob 
'em could be tackled by usinr 
nformation already available tn 
the tax authorities to make 
minimum estimates of benefi 
received and to take these into 
account in making tax refunds 
. The extra revenue gained 
from this change should be used 
st of Applications will open at 18 ajo. on Wednesday, Wih September. 1918. a ad extend the present maximum 

APfhLtCATmH*FORH*for 12 Tn ® nl ^ !° T 

_ . _ _ , o1 . Insurance benefit to jA montm 

Southivark Corporation 12* per cent. n the fir?t insiance and uit> 

Redeemable Stock 1987 “tely to an indefinite period 

Issue of £25,000,000 at £99$ per cent. 

lACLAYS BlVS'R •inppo.v AND I XTE RNATJUNAf* * IJVITFP. 

Dcp-imneot. P.a. Bos ien. J London Wall Bmldinsi- London Wan- 

eerp :bc. - 


will b“ fornuriVd to Ibe norm 

(jairi ^.1 in ihn an-our.r nn|.-r-< ir.xtruc'ione in ibx stmirarr pro civm m wrrtioa. 

flmf patmrnr at C1RC4 rixsc (ncmie fm p^r sroefc irUl be marie or 
Vrbrinry. 11179 by p arrant Ui iftf luaal nay. 

APPLICATIONS AND GENERAL ARRANGEMENTS — Applications must b* 
on ihe nr.'Vr'b^-d fnnii. ai-ccmpant-d by a H'-pootl nr f’n pnr.eeni of th> 
«l amount apolu^i for. and rec-'ircd at Barclay* Bank (Landm *od Inter 
iaO Umticd. Hew Kmm OepartmeiH, P.O. Bex 123, 2. LobOoq Wall Sandiest 
m Wail. Leeden, EC2P 2BU. 

Dotlcatfons mail be for a mlalrmim nf £189 Stock or In ntaliMax of 088 fo- 
up lo El -05 3 Mock. 

applications must be made in accordance nr] ft Ihc foftaofns state: — 

^ ^ i Applications above DAM Stock and net exceed Ins £5,080 Stock Id muMpte' 

C:i cane sSr* above 0,808 Stack and eat excoedlns £20,003 Stack tn moWy'^ 

Applications above E2SJ03 Slock bi multiples of DjM. 
separate ckoase drawn on a Bank in and payable in the United Ktapdem mo 
ipany each application form. Ho application will be considered unless |K 
Ion Is fvtfOled. 

the ri-rnt of oarllal allntmenr, ihe surplus front (hi- amoorn paid as drpo' 
refunded to the applicant by cbeme. If nn ajlounem u made, the deoos' 

.? returned in full. 

(relays Bank ■ London and International* Limned reserves the right to rent' 

* aptilicanon monies bv mrans of a cheque itranrn on a rtmntry branch 
--ays Rank Limned to anr aonLcanr u-bnse application was not supported by 
r's Draft or by a cDemie drawn on a Town Clcarina branch of a Bonk iq It' 
r London. > 

* — ... (yrpt-nt In full mar &»■ made on or at any w aft'r Hw Octoher. 19TS. an 

nr at till- rale of £7 per rent, per annum will le allowed trotn that date. 

- . - - . eny suhwqnoil date of full payment. 

- - - - =■ : • :fauli |n rbe panne nt of any instalment bv Its due date trill render iH prevlov 

‘ ms liable lo forfcituri- and the aDo'inem io cancellation 

teb appllranc to whom an alfotmcnr of Block Is made trill be sent 
K cable Letier ol Allotmeni, which mtrst be produc'd when Innaim-m wtrmnr 
ade. Lexers of .Allotment which may be spilt up to 3 p m. on 10th Jaftur 

... ... irlll contain terms of renunciation i-birti wtU be available tip to 3 t> m. on IT 

r>\ 1879. On pavmeni nr llh> instalments doe on 31st October. 1979. and O’ 

Jrccmher. 197S. ihe Letter will be appropriately marked and rammed io lh 
•, When pavment in full is made. Ibe Letter of Altatmtm will be appropriate' 

A jnd returned to the sender, unless the reeisrranon application form hs* bee- 
Med, in which caw Pages 1 and 3 only of the Letter will be returned tn th 

inly paid Letter* of Allotment may be spilt In multiples of QM S<sck. but W 
.etiers of Allotment will be spilt down to multiples of me penny ml St*d 
(tecs of Allotment will be suflt unless all UistalmoiMs then due have bees raff 

will be no charge for splitting Letters of Allotment. 

- Slack Cert i Oca it vlU be despatched by ordinary post at ihe risk or ib 
Aiders • without further teeniest on Bib February. 1978. to the nr.N-nani- 
■rod holder at htilwr reidsicJTd address. If between Ijth January. FTP. an 
ebruarv. 1B7S. the .Mlottncnt Lerrrr Is Indeed an Bartiavs Bank fLandoo W 

Limited. Hew Issues Deportment, P.O. Box IB, 2- Undoa W?‘ 

■os. Loudon Wall, London. EC2P 2HU *1:h the lodging aai-m> name «r 
a Inserted In (he spar? provided at the four of rape Ihe '-"ninra- 
t despatched ro the tedainE wtem on 9th February, 1979. after which da' 

,‘ent Letters will cease lo be valid. • ■ 

commission ol !3!ri per fllKt Stock will b«.- allow-d (e remcnised Kinhers ar 
rokers oa allonneuis made Its ryspect of apnllcatlons brarink ilvor stamp: 1 b‘ 
jsion will not. however, be paid in respect of an aHotmcoi which arises on 
undcruriunA ctinrautment. r 

STATISTICS. — KHauny to the London Borourh or Soaihwark — 

Population Mid- 1977 ' Resist rar-Geaerars Bstlmatei KJ.lflf 

Ratable raluv— 1st April. 1978 £S3.S« 9T 

Product of rat c of Ip In the £-1978-79 icsUmaiodi £5?8.Cw 

Bat* W Mw f— <1978-10. 

- — — Sut loan debt— Slst March. 1978 - fiSa.280.BW 

■spcctuses aud applicailop forms con be obtained Mm:— 

BARCLAY5 BANK fLOKOON AND INTERNATIONAL) LIMITED. Sew 
If me* Depsrimem. P.O. Box Uf3. 3. London Wan BnUdmas. London Walt, 

London. EC2P ZB V and principal branches nr Barclays Bank UnH*tf. 

J. & A. SCRIMGEOUR LIMITED. The Snx* Exchanae. London. EC7N 1FI> 

, BOROUGH TREASURER. Munlctpal OBiCOq. Spa Road. London. SE1S 8QN- 
Ball. 

<m Knad. By Order of tfu> Council. 

•H SE3 its. S. T. EVANS. Chief EiiTuRre and Totru Cterfc. 

ipptember. 1978. A. ft. CORLESS. Borpunh Tr«i*U»."». 


« liqh*y applir for 


*£ 


nay 


r' ; y-y?/ 

S3 ■» '•*. ■■ 


... .. poundsi of Son»hw»rfr '"'irpo ration 

writ. ttafteemablP Stock IhSV avcordinc lo die cunduhms ouuM tn (ho 
ins dated find September. 1978. and imderiate to acrcpf th. came or anr less 
,'ibjl"biay"bc aHotled .io me, us and ro nay Inr ihe same in conformity with 
of ihe sold Prospecnw- f/lie mquest Uut anr Lelt'w of Allomient in 
H-ffc Sip/.-k alM>trc«i w me -us be sent io me us bv post al ibe tilrsi-wrliteni 
cntlOfltrd address. - 

te.em:k»e the required deposit of £ heiny £l» pt enn 

'Nominal Amsnt applied ter. and warrant . that (be cteroue attached hereto 
'.honoured on flrsi nretenfaflon and asreo thar any allotment of Stock is 
_ rieUp on riits uudersiandliie. 

|Va declare that i am not "no am- of us is resldenr outsMe the Mheduled 
sr wiibln (he roeanins of (he Exchange control Act iBJ7. and that I- we 
be 'avwlirlui "tv Slock on beholl of, or a & Bspuioeeit,. o( any pemomsi 
mil side those Territories. 




»rs. . . signature . 

PLEASE USE BLOCK LETTERS 


tn 


% ii Mv-'-r' - 

Xanv s »- n». tall -.. 

; C i '• ' “W 1 Wmw 

^ Mrs. MISS or TUIei 

g fu piu 

■ •■■ ■> • - '•■ •: 

i ***** ft 


foe use ib the .case of tujnt applications < 

iipt mtvur 


i*i 


r" ; ■ ''-i-lOrv 

ftssUP 




tn *« fall .. ; ; ; . . . . . - 

ltd. Pe<d3wi[K»n 

Miss or Ttth*' 

toll . 

r ' "• PLEASE USE BLOCK LETTERS 

Stsuobtre... 

tome's! M’ftaJ' - 

De»Hi««io» — — . 

»r*^ Miss or Tlllr) 

fe foO • • 

PLEASE TJSE BLOCK* LETTERS 

as must he far a mtatmu*n"of ON Stack or. te multiples of £1M for 
op to. 

rilcarinu most be tndde In accordance vrlth ibo following scale:— 

above lux static and nt exceeding £5.899 Stack tn muUfples oT £509. 

. .. above 1 5 . B OO Stock and not exceedtag BUB Slock la mahiptes of 0.008., 
m obovfl aajsm Slock la multiples of & 000 . - 

Dedantion cannot be nude, it should be deleted and rclervnce should 

to aa Authorised Depoafury or, in (be Republic of Ireland, an Approved 

hrimtih wboOLladainem should be effected. Autborised Depoeitarlvs are lined 

Jasb of England's Notice EC.l. and includes- moat banks and stockbroker* In 

f dtora ptxctMng in. the United Klnsdom. the Channel Islands or the Isle of. 

Approved -ARcnU in Un-B?pfbite of Ireland aru defined in the Bank of 

•* Node* E.C.J0.. . . 

Scheduled Terrftortos ar present ctmtprHe: (he Dnlied KJnodoui. ihe Channel 
Isle of Man. jQw Republic nf Ireland and Gibraltar 
ITE CHEQUE DRAWN ON A BANK IN AND PAYABLE IN THE UNITED 
KINGDOM MUST ACCOMPANY EACH APPLICATION FORM- 
[ APPLICATION WILL HE CONSIDERED UNLESS THIS CONDITION IS 
FULFILLED. 

[ Thb Form sboald be e*mrt«et»_ and sent «:--- 

SCLAVS BANK (LONDON AMD INTERNATIONAL) LIMITED. NEW 
DEPARTMENT, P.O. BOX . 223. 2. LONDON WALL BUILDINGS. 
WALL. LONDON, 8C2P 2BU. with a cheque payable ro BWfhjrs Bank 

and Inicnuiionah Llmiiert or -ip ihe. shonened form ■■ BAl-l " for ihe 
— of the Deposit Cheque* must be craved “ Sombnark Loan." 

A-ceipi will bn Isrned for pavnieni on Ihl* appUcarion but an ackunwlpi1=«nent 
Jten.or«lwl by post 'fit doe course, either by Letter of AUolmcnl. and 'or by 
\ol Deposit- 


Bank expects 
[good year 
for economy 

ECONOMIC PROSPECTS ntxt 
year an? relatively encooragins. 
sqys the monthly report of the 
National Westminster Bank. The 
main uncertainly remains the 
tale of price rises, though only 
a modest increaso in inflation .is 
likely, it says. 

; p r . David Lomax, economic 
adviser to Nat West says in the 
report fhat North Sea oil 
revenues next year will support 
the balance of payments and 
taxation policy, and cover any 
deterioration in the rest of ibe 
economy. 

■**ln particular, the -first oil 
from ihe Ninian Field is due to 
be shipped ashore about the turn 
pdf the year. 

,- “This underlying protection 
[for the balance of payments, com- 
bined with our assumption of 
nnly a relatively modest increase 
in inflation, should help to main- 
tain a fairly stable exchange 
rate.” 

But with a smaller sap next 
year between prices and wages, 
economic growth was unlikely 
to. be as great as this year, and 
unemployment would remain 
high; 


Shed human skin 
'’dust hazard’ 

Financial Times Reporter 
[THE. MAIN home hazard to 
asthmatic children is created by 
bacteria- . in shed human skin, 
which makes up 70 per cent of 
household dust, says Dr. Ray- 
mond Clack, of the Clinical 
l Research Centre Aerobiology 
Unit Harrow, m the medical 
magazine MIMS. 

Dr. Clark says That the average 
human sheds -bis whole skin 
every seven to ten days. Vacuum 
cleaning . and dusting increase 
>he amount of. dust in the air. 
ami’ asthmatic children should 
be kept ^way while cleaning 
goes on. ' - 


Make thugs pay, says MP 

MR. NEVILLE TROTTER. Con- policy that youngsters ftirsbing 
serv-dtive MP for Tynemouth, detention or Borstal training 
has written to Mr. Merlyn Rees, “should have a fresh start and 
the Home Secretary, demanding he free from any continuing 
an explanation of a letter sent obligation to pay. 11 
by an official at Luton magls- Mr. Trotter wrote: u This is 
trates* court asking a woman quite monstrous. The concept of 
victim of violence to waive a -the victim being compensated 
£20 compensation order. out of .the pocket of the thug 

The letter quoted Home Office is a wholly good one.” 



CHARTERHOUSE JAPHET LIMITED 

announce their acquisition of the whole of the outstanding 
interest in E. D. Sassoon Bank & Trust Internationa! Ltd., 

E D. Sassoon Building, Parliament Street Nassau, Bahamas. 
Tire Bank’s name has been changed to: 

CHARTERHOUSE JAPHET 

BANK AND TRUST INTERNATIONAL LiMfTED 

The Managing Director is Mr. John B. K. Russell 
who can be contacted at the Bank’s office at: 

P.O; Box N3045, Nassau, Bahamas. 

Telephone: Nassau 32-24643. Telex: 20-14Z 

London contact: Mr. Jonathan A D. Long, Manager, 
Charterhouse Japhet Ltd., 1 Paternoster Row, London EC4M 7DH. 
Telephone (01) 248 3999. Telex 884276 


INVEST IN 50,000B GETTER TOMORRWS! 

50,000 people in the United Kingdom suffer from progressively paralysing MULTIPLE 
SCLEROSIS — the cause and cure of which are still unknown — HELP US BRING THEM 
RELIEF AND HOPE. 

We need your donation to enable us to continue our work Tor the CARE and WELFARE 
OF MULTIPLE SCLEROSIS sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL RESEARCH. 

Please help— Send a donation today to: 

Room F.l, The Multiple Sclerosis Society of G.B. and NJL, 

4 Tachbrook Street, London SW1 1SJ. 




Executive Directors of the International Banking Group from around the world are: John Dunlop, Joseph Galazka, 
James Hildebrand, Warren Hutchins, Milan Kemo, Harry Martin, Richard Miles, Joseph OHver,'Richard Reibrnan, 
Gerard Troncin and Stephen Wilberding. 


Wfe grew at a record rate last year. 

Doing things no other 
banking institution can do. 


U nlike any other banking institution in the world, 
the Merrill Lynch International Banking Group 
offers commercial and investment banking services in all 
the international capital markets outside the U.S ,,plus 
direct access to long-term capital in the U.S. 

This unique international banking capability, coupled 
with Merrill Lynch’s worldwide securities distribution 
and trading power, was no doubt decisive in helping the 
Group achieve its solid record of growth in 1977. 

International public issues: $2.8 billion 
International public issues managed or co-managed by 
Merrill Lynch amounted to $2.8 billion in 1977 versus 
$2.2 billion in 1976, an increase of 25%. . 

i 

The total financing Merrill Lynch helped arrange for 
corporate or governmental clients in the U.S., Canada 
and worldwide amounted to over $30 billion in 1977. 

Syndicated bank loans: $1.3 billion 
Supported by a substantial increase in capital resources 
devoted to banking, we managed or co-managed $13 


billion in syndicated bank loans during 1977, a notable 
increase over the $140 million of managerships in 1976. 
Commercial loans to corporate and governmental 
clients grew from $63 million in 1976 to $204 million at 
year-end 1977. 

Eurodollar securities trading: $3.25 billion 

In 1977, Merrill Lynch’s International Banking Group 
trading volume in the Eurobond secondary markets was 
62% greater than 1976. 

Mergers and acquisitions 
The Group’s contacts make it an important source of 
merger and acquisition candidates around the globe. 
Merrill Lynch assisted in 47 projects involving mergers, 
acquisitions, divestitures or tender offers in 1977. 



Merrill Lynch 

Merrill Lynch 

International Banking Group 


Merrill Lynch International &. Co., Memll Lynch International Bank Lei, Merrill Lynch Pierce Fenner &. Smith Inc., Merrill Lynch Government 
Securities Inc., and Merrill Lynch Royal Securities Ltd. are members of the Merrill Lynch & Co., Inc group of companies. 

Affiliates iru Amsterdam, Athens r £ahrain, Barcelona, Beirut, Brussels, Buenos Aires, Cannes, Caracas, Dubai, Diisseldorf, Frankfurt, Geneva, ' 
Hamburg, Hong Kong, Kuwait, London, Lugano, Madrid, Manila, Milan, Montevideo, Panama City, Pbrfa, Rome, Rotterdam, SSb Paulo, Seoul, 
Singapore, Sydney, Taipei, Tokyo, Vienna. Zurich. Joint venture in Tehran— Iran Financial Services Co- 


. I . 







. . , . „ : Knancial Tunes' Monday 





BET on course for further 
improvement in current year 


against 


nidation 

BOARD MEETINGS £1 00m 

The foUmnDB mmiuniM imiUM wAvFvfiU 111(11 


HAVING REGARD to the position • J.' „ „ 

BOARD MEETINGS £10Qm 

ssssss £ «%“ a«®s 

directors of Sens Sugar Estates neld for the purpose of considering nwostptd tly ■ Aobey • • Life 
have concluded that it i s in* tuvweMs. official mdicanoss arc not Assurance has passed the-.£lMm 


Legal action 


over 


SIR JOHN Spencer Wills, the 
chairman of BET Group, believes 
profile in the current year nil! 
show an advance on the £67m pre- 
tax level achieved in the March 31, 
19 7R year. 

. He «ays in his annual state- 
ment that to date a number of 
Ernup companies are ehowlna use- 
ful increases in profits, others are 
renortinc unchanged result* and 
one or two are finding it difficult 
tn match last vear's figures. Oyrr- 
the trend is in the right 

direction. 

Sir .Tnhn. who is to relinoulsh 
executive duties before the end of 
the vear. but will stay on as chair- 
man. S3VR that on the printing and 
publishing side nmfnprts for the 
■rear are good and further growth 
"in nrnfitq of the niihlisfcins group 
should he realised. The grnuo now 
h»c 40 n«»wsnaner titles acamst 32 
last Hme. and thn number nf 
mava?i bm and imirnals has 
in»>r«*qsed from 47 to 33. 

With Canadian Motorways 
prnfijs are expected to be lower 
than the reduced f 1.29m recorded 
In 1377-7S. Severe weather condi- 
tion* in the fir't auarter disrupted 
onerations and the short term 
business outlook is gloomy. Sir 
John says. 

- Tn the reclamation and disposal 
operations, BlfTa Holdings last year 
achieved a record £273,000 profit 
and is on the watch for suitabie 
opportunities for expansion. 
Re-Chem International last year 
cut its loss from £293.000 to 






appropriate to take mens to put *■««■ «■ fiwis sum the saHflrtJtaw mark, the second fimd'naasgbd “““5* “fz n nsaJ by Bmnnah OH, ensure mareSB of.an 

the rampanyln hquidlt ion SS 55LJ?’“ ******** to the company to do mT® "Rff-fTS to « per cent shareholders w«e 
They say that when they rearS “Nooay ^ been revealed by the com- jf Australia's Copper A. -bearing has/been.^et down 

reouested the Stock- Exrhanse to interims— c.. d. BrastalL Ftsom. pany on the occasion of . the fields, which supply for September - 2B lU ; the New 

■ annualrepon Iffiidfiid Sydney.- • South: Wales equhy ceiat 

8L a Si5& JSUSSrJ&P o 30 it »« announce An: ngnafient 

rmais. ti,?. thf Burman Group. Mi 1965 wilicU entitled Bnnnall;.t () 

SMWS. B &-8i Sied .o ssT«i^aa tsr* % >° «>«3S 5 . 

^ „ the jearW the stoma *£» f&MMr * 


^ ar £° M ** by the company, to do so.- This 

rears tuwtaMe.^^. .has oeen revealed by the coni- 1 

interims— C-. d. Brawaa Ftsons. pany on the occasion of. the 


_ . Uac initiated legal action was. continuing tte mqufejes tar 
h Sf™SaJ to Burinah 00, ensure that,, the imwests of . alt 
over the pron 0 ®^, ^ 46 per. cent shareholders were protected.^:-,; 
2a£ e *ft south Australia's Copper A -bearing has been, set dQym 
S55" “bm fields, which supply for September 28 in ; tbe New 

Basm _ _gas ... Smith Wales aohHw 


ppeared to be inevitable. 
However, the London office of 


FUTURE DATES 


tel 





SM"£VS£45 iSJS is n*ari-:-&5 SSS SSSS&w. 

SK5, «S*c^3nS BBT, 3 ffi,, 2^-7— »—.«•. W §& ?j$12?£Wr5S' 

The 'ZSTK,,.™ a »- M 30 * per cent of Bash, 

minimum nmwnra -w J? r’k* ron- North Britlsti Canadian Iiwcsi ... S*W. 59 the Unit ..price rose t>J ' l&3lper -Oil. . ■- ' • the Bffftd-'dg fffc >"■ - ■=■*- 

minimum presence m the LK con u f * assocwiIm on. n cent blit allowin 0 for the idS c fintA c i- seeking sn injunction . me isuiiq; 

Sislent with the needs to resolve wunm Breeden Oct. is SK* *m»7^dS£S fnr .u ‘ Jnul to enable the V 

the liabilities associated v«h its L! dded ,hi 0Q pr h op S?id m court! ^ Uates the attitada ,of The So5f 

?ST„ b cr« m ‘r t " tions - h *!J»2 i&Ssmf — !S S %£5£ 5 sSE. ^hS^aad, 

take such steos, as can be taken, on, a cent. ■ ' t here were a number recently, tcrok . a direct Merest 

tn protect and preserve the com- roonrear indnai ? inr««wis ... ^ maiiagers point out that SoSS ^of the situation which in the Cooper -Basin partnership, 

" iear - *- “"T 

e t rly . aP a^fJ certain investment trusts.' During '... , V' 

December 31. 1977 aSd^t'June 30, would resist anv steps, to .place mvStoeSTtS? T) Jp mCtlr AC ftffpr 

1978. Whfle the company’s the company in Squidadon m the :K & L IIiaKCS OIICr IOi 


borrowing powers until the end of present circumstances. 

197S are set at £4dm. thev say that 
In the absence of further amend- 
ment, this limit will be reduced R AP'fWPT'V Q T 
to £19ra on January 1, 1979. lVCl-UVClJ <**■ 

. Explaining the company's ~ . 

position, the -directors say that Snilth pfn 
operations in Mozambique are no xx 

longer under their control, and /-i , . j 

the position regarding the liabili- I, OnStrUCtlOnS 
ties associated with mese opera- 
tions, has to be resolved. . The anticipated r 


and the fond had significant . B & C makes offer for 

hoWmg5 in all of these trusts. - - ^ T * T « ■ j 

T a«s'a d a!s^s -rest of NY ; &- Gartmore:- . 

managers anticipate that ."equity ■' ■ ■ •-•- ■ - ; m • 

prices will at least remain- ^rm British and Qjmmonwerfth ^ Af ip- .the tender ^effer Is. 'coni- 
and probably move to higher Shipping, through its wholly- pleted -McKee would be mei^ed 
levels. - • owned subsidiary Bncoram. is with a wholly owned subsidiary pf 

• to m ake an offer for the share Davy converting.^ any remaining 
. ' capital of New York- and McKee shares tata' cash at 833 per 

Bestwood • 'gsa-ysr * wMc - itdoes not sh ^:: : 

c ]; nc of -British and Commonweal th, D.4WN.4Y DAiV : SELLS' 


acnieveu a rauni uiwiw *»»■><. Ashley Asteood tions, nas to oe resolved. . The anticipated return to 

and is on the watch for suitable gj r j 0 jm Spencer Wills, - The subsidiary in Portugal, profitability in the first half of 

opportunities rpr expansion. chairman of The British Electric Traction. Snciedade Industrial do Ultramar 1978 has eventuated at Southern 

Re-Chem Internationallast year 01 ine “r* 0511 rjieciric iracil0n " (SIDUL). continues to trade Constructions (Holdings) with a 

cut its loss from £29o.000 to profitably, but the directors’ pre-tax profit of £33.000 compared 

£141,000. and its toxic waste treat- ^-hjTe it already has a number of the year and a satisfactory and right to exercise control over it. with a £650.000 deficit in the same 

ment centres are steadily improv- customers it will, take some time constant level of production has or the company's other assets, in period last year. 


slips at 
midway 


Pre-tax 


ing productivity. 


Customers ii uui-iase some time consuim icvei ui proaucuun u<u> ur me cuuipan} s oiner assvis. m penuu last year. Cninnanv were down 

for its full potential to be realised been achieved. _In Hong Kong, Portugal, has been assumed by The directors say the gradual ™ for the 


M -- which already owjs 65 per cent .MATHEWS-A "SKAILES 

rn V o f ) h 0 -^ tidSlS 0 S' DawBi *y Da 5' reports That one of 

fay -r , - describes this asa its A&toMludeiirJus jold^o Adams 

profits of Bestwood" l r p' S ben the Jotal. share capital of 

j c Der .share has oen sei ai 'iip, soif Uati, a ure imi sbAiiAc. ilia 


At Humphries Holdings, a pre- sir John says. one of the three Ch mese language Lhe director resident there. recovery from 1977 should con- g-r p^i. r,. whole of iSTT ensure . that */ lilu. total ^casb consideration ^ of ‘Ct 

tax profit was achieved last year, imnrovemeif at Thame* television stations has suspended Portuguese law protects the tinue against the background of tor tne - ' 0 e - - value rises sh^Pji dunng_ ^the- r ** 

but its subsidiary Mole-Richardson _ . ° at operations and Rediffusion's company’s Portuguese. UK and some smalt improvement in R rnnmriwri currency of the bid, shareholders net tangible asseis 

(Stage 3 and Studio Engineering) Tc1 * v1 ®!m{ 1 ^ improving trend in audience other stockholders resident out- trading conditions in the industry. Six moatns will get the benefit. - In fact. New ri'f qnm p'-f -,T2'lllia ’ftT Jtm<>~ 94 " rtfff 

increased ils loss, largely oning I«r'..,ll be reflected in BETTs share and revenlle „ eIpected , 0 side i he coanny . w ^ e ct ,aflsca- Any dWdend for I9TS -Jill be gTgoUte York wd Garlmre's a^et value 

to work earned out on major ih«T continue. tory or similar measures have considered in the light of the full ^ (Prurt^s) £27,^ now 1S es umated at 4I.6p, and 0 n ate were £250 001) -. . 

contracts entered Into on 11 n satis- Rediffusion Holdm^ the „roup Overall. Rediffusion profits are been taken.' year's results. No dividend was (£2&90»J, less depreciation T7-824 Britcomin is paying, over, .the .ti ^** 

factory terms in earlier years, w flSEH expected to show an advance on The principal creditors outside- paid last year when a £1.45m loss (ET.0S3), plus the net Income of for u, e inveatment .trust’BT i „ . j_L > " 

Further expenditure was incurred fl.8m ai Wembley Stadium under those of Iasi year. Mozambique have indicated that was incurred. the parent company £132 .against, ^ losses (put, at £A2m m the .. SOUTH QRQfdOf/ 

in the National Theatre contract, the Safety of Sports urounds Act. ^oup has authorised caps- they see an advantage in the com- Sales and work done Tn the first £4J174 last time. _ ig 77 balance-sheet), ' - TEHI0Y' < ., i 

which is still not completed. At Murphy Bros, the new tal expenditure of CTi.film for the pany not going into liquidation, half this year totalled £8 86 in Tax took £13.122 (QG.507) Jeav- ^ director of British. 1 ' and Accepts nces 'fW^ ^ihi -offer hr ' 

At United Transport trading has management expects further year, compared with £5&27m last and a major stockholder in against £8.33 m Tax charge is ing a consolidated net profit of Commonwealth, Mr. P. N. sonth Croftv fbr-Tehldv 

been on a par with last year, but improvement in the current year. time. Portugal has Indicated that Tt £17,000 (£336,000 credit)- £5.1 OS compared with £9,391. Buckley, said last night that- the w™ received iwwmiwf tit 

with the loss of a hall year's The civil engineering subsidiary Turnover was tittle changed- at decision to buy the outstanding . ' 

Share of profits from African Bus has built up an order book which . _ £2S0,S09 (£281.078). shares of New York and^ ^ Gart- (W^Rer ^eny qnDnair 

Service Pretoria following the sale W in carry it well into 1979. and A Jl The directors state that, as more did not mean anything for^ ' — — 

of this undertaking, profits for with open-cast mining, although 9 CPPQ RilSllVll OTIbH/TSi usual, no dividend has been the company’s other portfolio 

the group as a whole could be the martet for coal il no looser /IVlil 3CC3 MlillllUUIICU tlUT? Ui received from 24.6 per cent owned investmentswhich include a- 75 remain p 

lower than last time. expanding at the rate predicted. *“■' Foraky, during the first six per cent stake in -Meldnuu 


\SS 


ave considered in tne iigni 01 uie iuu , rr„ “_ , * 7 “*I: oOW is esuraaicu 0 n that dale were «25fl OOfV • . 

year's results. No dividend was (£2&907), less depreciation 57JSH Britcomin is paying, over, the on «« «« . 

ide- paid last year when a £1.45m loss (ET.0S3), plus the net hwome of for u,e investment trust’BT , ■ 

hat was incurred. the parent company £132 against, ^ i osse s (put, at £A2m m the : SOUTH QRO^t/ 

)m- Sales and work done Tn the first £SJ274 last time. _ 1977 balance-sheet). ' . - TEHIDY • ^ ; .'T : : 1 


AGB sees maintained growth 


2asr,jsiJr changed * sf/* 

received from 24.6 per cent owned investments, which -Include -a- 75 SS 
Foraky, during the first six per cent stake m -Meldnun ? ?*? ^TnrtBerwucc- 

months of the year. Lavestment Trust ... i - . ?--** 

The twsilion at John Brown to oAt.r..’HLrltr' 


fjXED !NT 


tin 1 ? A i‘« tra .mder?a h v* r l °S£ THE OUTLOOK for world trade rights issue in March which fishing acquisitions the chairman months' of the year. Lavestment Trust ; 

“ further 8 ’extension of Srmfn l0 ° k g00d, m and f» r ** growth of the UK raised £990,000. A one-for-three says that they establish the com- J Jhe position at John Brown to - 

is orn nosed followin'* C ^T^Sntonii»i Buminn nn«w «f economy remains doubtful, Mr. crip Issue is also proposed. pany as a major force in the 6a te indicates that profits for -Ite REDLAND . . . . 

Se increase in profits there Iasi thteplanthire 1 coSa^es^is well Bernard Audlcy, chairman or AGB i n pushing turnover up to over information industry with great ^ 7 be Redland has issued- 231,149 

rear United Transport has in oPth? c5S?nt profit R *f arch , in J •*« ^lm the chairman ; says that Potential for expansion both m comparable with those of 1977. ordinary shares as a fourth instal- 

recently acquired an air freight levelT and although best results ®^ lement ' he add.? that while margins have reverted to levels the UK and abroad. . men t 0 f the consideration for the 

aircraft “such is the growth in may not be achieved until 1979-80, I?* 21S?t*S* P «2m ,(> t£ ° f f 0 ? 16 1 k°, afi0 - ^, ue . in The purchase of the three trade C*-»„fU 0 mrvf acquisition of H. Lavender and 

requirements for cargo charter a useful increase is looked for in a «*5” l ? r * n , atB ® , r ? n ? JJ*- P 37 ^ b> substanMal .costs, durmg end technical publishing house,- ^OOlOSTnOrOO - Son which took place in 1976. 

flights." the current year. uncertainty, the the year, borne in fe»ect of new Bu-riness Publications. Arthur J. . _ ^ . . ; / ■ 

Advance Uundries is currently it is hoped that plant hire rates i!f itbS« i'** to con- Heigh way Publication and Hulton VOOrtl pQO|ra|: McKEF/DAVY 

replacing much of its lost wM be further improved and growth is likely ti-ibute- to Itatan; ..profits, Mr. Technical Press^ ^ brines 26 maga- , O^vdt.IH .A board rf McLe Cotpora- 

business volume following the maintained. Capital spending at ,0 be mai P taiM<i - Audley says: We- shall look rines co-ering electronics, trans- 4 L^ Q J tinn ha* ratified the aereement 

recent increase in industrial Grayston this year is likely to As known pre-tax profits for once more 1® an improvement m port, office equHmenf and com- 30 

activity, but overall profits are amount to more than £4m, and at the year to April 30 1978 rore by our margins. mercial fishing industry into AGB. -i !ain j v reflectinz a fl54J233 sur- natianal urier which Daw will 

not expected to differ much from J. D. White some £3m has been 36 per cent from £1.01 m to £1.37m The group’s cash .potion is n„ p nf .. p . c ctTO „^. c nlS^5r^Scoa «rf a Smrire a B SuSndiii? ' MrS : 

the £3^5m earned last time, authorised. on turnover up 39 per rent to “highly S3 ’ factory --.w;h a net brofS 'of Frfqa? 1 

Advance, in conjunction with lhe At Rediffusion manufacture of £1 1.04m. The dividend is incrc-a^d fac-ilin- position in the.UK of more ^[ r e * ( J a^ton P £h^ot wSSrt and ^ \s nSnoSl^ a nnornicSl 

Plessey Group, has recently of its new range of colour tele- from 2.058p to 3.4p net ner *h a re. -than £1 3m. ^ &^l?nd RovT mS IS reremSnt ^ t£nt£SSfi££* tSft 

launched j clean-air service, and visions began in the early part ot to the context of the one- for- four Commenting on the. recent pub- ren ^iJ5rol?«S hefc?Cw ?neroam^ l5S Dai>™"l m^TS tehdlr 

This ad\ ert is-cment i> issued in compliance w ith the retjuire mens* of the C ouncil ui the St<'«A Cxciianyc. 


ocni ANTI ■ . Me Go--hfl5 tort i-;! 

?edland has ' :* s - 

ordinary shares as a fourth instal- . 
ment of the consideration for the 

acquisition of £L UfremTer and ■ ' : v . r 

Son which took place in 1976. .7* . - - . . , . . 


leighway Publication and Hulton Vtoarri PaOlfpT-. ' McKEF/DAVY 
echnica! Press brings 26 maga- - vdlH ■ - - : ^heboard rf'McLe Conwra- 

m-T ofiDQrf IT* T ^jfprifl- tfon has ratified the agreement * 

^ d ' 1 P cU, r! 1,1 between McKee and Davy Later- o 

ler.ial fishing industry info AGB. Main Jy reflecting a £13A233 sur- national under which .Davy. wlli . 
One nf the groun'* strengths. Plus over ibok oa the- sale of a acquire aQ . outstanding McKee 


S] MCO MOM VH V)S 

.S-.!larii hiu-Nfim'nt 
». i>. i.td. 

f-.( WMjNS'lKI'.KTrCJNii'-r 
!yhptwnj:-:lll-2.t(! 1425 


. -. daft-'- ■ ■ 7 day 


RIG HI 


^nnnn Tn TV Tn^*i*rcm'»n-' AGB For the year, the directors- ex-1 nromptly after expiration of the 

hi- a new thren.r«»sr pontrart in pect the results to show' a satH-J20 .day waiting period required ■ ' ■ un> - • - • . - < q - 3CX ; 
.Tiihnvt a fi-P-vear rnntnrt in factory improvement over the 1 under Delaware law.- ... 


8.69J' -- 

.'8A91 J. 


. 9 

Stock Exchange Introduction arranged by Baring Brothers & Co., Limited 

FERRANTI LIMITED 

(Incorporated in England under the Companies. Acts, 1862 to 1900) 


Authorised. 

SHARE CAPITAL 

Issued and to be 
issued fully paid 

•*> V»-l. 

£ 

500,000 

5.60 per cent. First Cumulative 
Preference Stock Units of £1 each 

j r 
£ 

500,000 

1.000,000 

3.50 per cent. Second Redeemable 
Cumulative Preference Stock Units 
of £1 each 

1,000,000 

1,000,000 

3.85 per cent. Third Cumulative 
Preference Stock Units of £1 each ; 

1,000,000 

11,500,000 

Ordinary Stock Units of 50p each 

10,666,666 

£14,000,000 


£13,166,666 


rt.Tdn \r and a-iothpr due in record £4S8,m of X9.<- 
r ’-lv wfiijp 3* hnme. hcp^ure of The interim dividend is lifted 
s nr>n*i rrnorf. r P -nr»im'”«d l 'rg from 3.l25p to S-ip per 5hp share 
*> i»i‘fi 1* nn^ : *nrp m»aoiire. — last year's total was S.935p. 

cn-i-o. mo v T ' r ' i« Ukf.iT to Tax -Charge in the half year 
7 iibmr«h« to the .TICT,\R sen-ire amounted to £129.638 against 
nM * ye?v. X31J5TA 

Al«o. he savs: “we have deve- nt 

l^ped a direct-wire system of hi Sharp 

mpipr measurement capable of *" A ^ 

prediiciig audience figures over- 
night, and this will be introduced k3C1 ViLC 
in the London ITV area in The following securities have 
e-'ember 1978." been added to the Share Informs- 

To the group’s syndicated ti a n Service appearing in the 
market research services INDEX Financial Times: 
is to be added this year. This British A V minium (Section: 
has the largest potential of all. Engineering). 

Mr Audley adds, providing infor- Candecca Resources (Section: 
mation on how Britain's popula- Oils). 

t!on saves and spends its money Em ray (Section: Industrials') 


LOCAL AUTHORITY SOWS 


Authority J - 
(telephone number, in 
parentheses) 


ABunai ;’ : ; ' .. ' . 

gross' _ tztieieSL kCii imumLif e of . 

Interest payable.:* V sum . bond. 


Barnsley Metro. (0226 '203232) -11} -i-year 


Knowsley (051 54S 6355) 

Hi 

:/ **year 

LOOO 

Manchester (061 230 .3377) ... 

-10 

; i-year- 

500 

Redbridge (01-478 3020) .; 

m. 

“i-ye® 

■ 200 

Thurrock (0375 5122) .-...v 

V u 

i-year..r 

...aoo 

Thtirrock (0375 5122) ...; 

:-m 

*>year 

"300 

Wrekin (0952 505051) 

•ui. 

yearly : 

IflOO 


The above table assumes that the Ordinary Stock of the 
Company is admitted to the Official List of The Stock 
Exchange and that the proposed capitalisation issue of 
Ordinary Stock Units of 50p each credited as fully paid is 
.approved at the Extraordinary General Meeting of the 
Company on 27th September, 197S. 


Application has today been made to the Council of 
The Stock Exchange for the Ordinary Stock Units 
presently in issue and to be issued pursuant to the 
proposed capitalisation issue to be admitted to the 
Official List. 

It is expected that dealings will commence on 29th 
September. 1978 in respect of the Ordinary Stock 
Units presently iii issue and of the new Ordinary 
Stock Units to be issued pursuant to the capitalisation 
issue, as evidenced by renounceable certificates. 

On 28th September. J978, an offer of 2.666,666 
Ordinary Stock Units will be made by J. Henry 


Schroder Wagg & Co., Limited on behalf of the 
National Enterprise Board from its bolding in lhe- 
ordinary capital of the Company to the other Ordin- 
ary Stockholders in proportion to their holdings as at 
the close of business on 20th September, 1978. It is 
expected that dealings in nil-paid entitlements to 
Ordinary Stock Units offered on behalf of the 
National Enterprise Board, as evidenced by 
renounceable letters of entitlement, will also com- 
mence on 29th September, 1978. Full details of the 
offer will be set out in the letter of offer to be posted ■ 
to Ordinary Stockholders on 28th September, 1 97 S. 


Particulars of the Company have been circulated by Extel Statistical Ser- 
vices Limited and may be obtained during normal business hours on any 
weekday (Saturdays excepted) up to and including Ilth October, 1978 
from: 


W. Greenweli & Co. 
Bow Bells House, 
Bread Street, 

London EC4M 9EL. 


Baring Brothers & Co., Limited 
88 Leadenhall Street, 

London* EC3A 3DT, 


25th September. 197S 


Taney & Co. 

385 Sefton House, 
Exchange Buildings, 
Liverpool L2 3RT. 


US $30,000,000 

Boating Rate London-Dolfar Negotiable 
Certificates of Deposit, due March 26th, 1981 

The sanwaJBank, 
Limited 

London 



In accordance with' the provisions of the Certificates, 
notice is hereby given that for the six months interest 
■period from September 25th. 1978 to March 26th. 
1 979. the Certificates will carry an Interest Rate of 
9ii?i per annum. The relevant interest payment date 
will be March 26th. 1979. 

Credit Suisse First Boston Limited 
Agent Bank . 


'Year 

. 5-7 ; 

6-10 : ij 

2 ■ ’ 

.5-7 

•- 4 - 

.V 8 

. 5*6 . . 


. FINANCE FOR IOTUSTOY Tt^ DEPOSITS . : : ; 

Deposits of £l,000-£25,000- accepted for fixed ; terms of 3-10.' 
years. Interest paid gross; ' half-yearly. Rates. ' for • deposits 
received not later than 13.10.78. : ..te : . 

Terms (years) 3 4 5 .. '6 ~ : 7 ,\ . S ~ 9 . 10 

Interests... 10} 11 11 i lli . Jl} . .122;- 12 >; 12*- 

Rates for larger amounts nn , retj uesL Deposits to: and further 
information : ¥rom The Chief Cashier,. Finance for. Industry 
Limited, 91 Waterloo Road.. London SEl SXP- (Ql^.7SS. 
Ext -177).’ Cheques payable^ .to- : “Bank of England,, a/c-. FFL™ 
FFI is the. holding company for ICFC .and FCL.- - : : : 


Limited 



Record results were announced for thefourth 
succeMiirotinie by Mr. Norman Quick, Chairman 
of the H & J Quick Group Ltd. tn his Interim 
Statement for the six months to 30 June 1978 
Mr. Quick reported: 

• GroupTurnover up by over 3596 from £22.1 22,000 

• Trading Profit befereinrerest increased over 2796 to 
£888,000 from £695,000. 

• Profit before tax-up by over 48% from £450,000 to 
£669,000. 

• The Interim Dividend is increased by 1 0%from 0 80p 
to G.88p per ordinery share and will be paid on 

2nd October 1978. 

• All-Group activities have contributed to these record 
results. Improved performance in all business areas 
continues. The prospects forthefuturalookyBry good. 


The Chairman, Mr: Geoffrey. New mark, reports:—' \ 

• For the first time we have achieved a prof irin excess pf ' 

. - ,£2 million and i should liSe to.ihahk ail employees for rV ; ’ 

. . making this possible. The i ncrease in profit is principally'. > . 
; a . attributable lo new product ranges m the_elecrro, ’ };. r : 1 
- - mechanical and electronic fields: There is every indication 
■ of continued growth by reasortof their, technics land c.ost:; 
■: .effective superiority. •’ 

iT.in our mechanical engineering activity we have continued • 

• .to make steady progress: However; we h ave riot bderi able ■ 
; lo lake full advantage of our opportunities due td.currprif . 

restriciions which affects our ability to retain arid augment' 
’ ■ personnel and though. being gradually byercome.-m'uktsriI(» 
' . depend io a great extent upon Government policy. THe.ArV . 
- quicker these handicaps are removed the more rapidly we 

can go. b head. ■ • . r 

• Contained within our engineer! nffectivity there js rrtdady 
“ progress iff the development and sale of special purpose - ! 

. automatic measuring and inspection-machines. ■ ■ ;r ‘ 

Jb We have kept our plants fully modernised to benefilfrom;. --.i 

• toe upturn in demand vyhich we believe will arise fronnhO. - 




Salient Figures*. . .1977 (£000# 

: , r Froflt Turnover Profit. Turnover 

MeoulSCtuiing. 1,'690>; 15,88B 1.355 

Mercbaming ; 41 I f - ff.857 USO : 0:568 

...V':.'. -, *. -jMtfU? 23r74S;">,S38: '.20.S42 

Profit aftsr.TaxatiorK- 1 .oosP; • . ' ; *v'$>4 " • • 

^ r- " !«; ' ; a . .- . :, r 

Ottfeiary Oividencf ' -“ 


Copies <if the Toff report csff be'ohtemed'from ihe Severity. 
‘ : T". : 30. Gloucester Mood. Croydod CR9 2L€> • •• • - 








!r < 


^Emancial Times Monday September 25 1978 

^ending dividends 

imetable 


(h°M 


INTERNATIONAL COMPANY NEWS 


, MINING NOTEBOOK 


" (L'he dates when some or the more important company dividend 
«nent* may be expected in the next few weeks are given in the 
... vine tnble.'Daies shown are those of last year's announcements, 
j. -.tt where the forthcoming bnard meetings < indicated thus'-') 
been officially published. It should be emphasised that the 
ends to be declared will not necessarily be at the amounts or 
- * p Cr cent shown in the column headed “ Announcement la<n 

Preliminary profit figure* usually accompany final dividend 
.. ‘ /mcotnems. 


Gamblers 
singe their 
fingers 


State shipping aid 
call by commission 


Sharp lift 
in Genting 
profits 


wnere mey pegf 

the race-track 


BY LODESTAR 


By Wong Suiong 

KUALA LUMPUR. Sept. 34. 


I REMEMBER visiting Johannes- Metramar Minerals I am asked fol- 
bur? several times during the loving ihe collapse of lhe Blue 
great Australian nickel boom and Spec antimony-sold mininc ven- 


:ially published. It should be emphasised that the ■- i.; ' BY OUR FINANCIAL STAFF , *r r REMEMBER visiting Johannes- Metramar Minerals I an sucked fot- 

; declared will not necessarily be at the amounts or ' 9 • nem,n * «»n« .rm- .. i Won 2 Suwng bur- several times during the loving ihe collapse of the Blue 

shown in the column headed “ Announcement la<n NEW YORK. Sept. 24. ! SW EDENS •.penal ship pin.-. >0 veS-Ci.. n irin_ employment KUALA LUMPUR. Sept. 34.- greai Australian nickel boom and Spet- antimony-sold mininc ven- 

n*ry profit figure* usually accompany final dividend THE FRENETIC .speculation in • commission has put forward a for more inan ..500 .sea ana jiALAYSIAN CASINO and hotel was surprised ai the lack of know- ture. Inevitably the company lia? 

US. gambling shares took a[ n H I P° er rtf m -ora nienda iron.*, shore .personnel- 'operator. Lien ling Berhad. ledge thereof in ihe country's joined the diamond explorattofl 

AJiiwin.N». Annaomw. different lack last week as thf , aimed at resolving The crisis tn The. eommisMi.n is further. t< . aaotiier impressive half mining capital. It was even diffi- rush. To assist this shareholders 

Djip Mba u.w shares of lhe main companies! Swedish maritime industry, expected 10 ask ihe govern meol -^ of gr0WtiL pre Jas cull to find anyone who had heard have approved ihe borrowing' W 

ri V.3S inr. <,oo?3 •Fos.-o M:iacp Sr pi. st in. V* 171 the sector fell dramatically; According to Eroslroem. a J profits rising by 47 per cent 10 °f Powulon. AW Jam. Metramar shares staid 

freemans — ,D heavy trading. Price fallsl major shipping group, the pro- Ir*,?!*. 1 J *^<* n 4 “ ^21m ringgits fS9Jm). There is. T gather, a marked at 14p in London. . .... 

cr. 71 7nr. JSI.5 ^ . • K'J? extended by up to a quarter, i posals would include state loans -'-bi pbuHdin^ cred its «P ^ 19S1 ; 8ul because the group’s difference there now. The possi- Another concern which bad ■ 

t is Fn.1 — SSK if* - . ’he end of the week Resorts } to the industry, and would start '? «?■« p *{“* 1 - pioneer VSiT” ha" expired it ^Uity of an important new source holding tnthe ill-fated Blue Spec 

x*uoaai . Ot». n t«L4 International, in recent weeks! to come into effect next year. 200 m -'Jm f conditional ; P tB mik . -—w™ i., „ -.w of diamonds emerging tn Western is Australian Consolidated 

T. v Final tan G.u * Duflq* -Or., it lnt 3.M the glamour stock of the sector. Thev would he fully imoie- - - • . 10 make provision tor a sup- Austra ]j a - s Kimberley region is Minerals once wel-knovvn /or its 


DjIp mi-nl Ian 
K>r 

Srpf. 2S Un. «,«W 

Irjrti 

Kanfcv .Ocr. 71 7nr. 7 SIJS 

'■ Am. 

■Noron. SA 0<-r. IS Final dm 
tow 

quipn»-at. .Mi r. 1 Final t Z02 
Biscuit . Art. ]j Tm. l.tTfi 
■ a . . . .Ocr. 3 lnt. i.«37< 

lnOurTTtt* INI. 3n lnt. Z.i 


DiK mepr last 
yrar 

■Foa^ra M:ura Srpt. 37 UH..I.*® 
Freemans 

• LanOam. Ort. 3 inr. ?-*S 
Furnas Willis- Oci- IS lnt. 3-5 


mother impressive . half mining capital. It wax even dim- rush. To assist this shareholders 
growth, with pre tax cull to find anyone who had heard have approved the borrowing"W 
ising bv 47 per cent to of Poseidon. ASOJSm. Meiramar shares staid 

gits fS9Jm). There is. I gather, a marked at 14p in London. ... 

because the group’s difference there non. The possi- Another concern which had ■ 


:. 4 -.lwni. 

f ir.'lano Nov. 7 In*. i 
-. ■- ■ 0« v. .. F-p(. S* F'aal 4 K.l 
** . . Oct. 9 Final i.i£4 
i»fi, ini. 1 P7*i 
WnitMiu Ocr.' 6 Final nil 

,-ic .CT.i S-oi.US lit. n.'WTS 
sriv' . . . net. 11 Ini. P > j 
. 3 Hom.- 

Ftor-a . n-.!. !5 In: : 9 
■t Bol»1 

LKbi5. f Ki. ! 5 Final J M* 

itrol !>VW. » ’.CL 9.3 

. t’ulp mi. ' Ijil 

. Inrt... Or- In. 'PM 


^ ( niali 


i . V \ - V - ' Or., fi Jm. -■ 

i ii \ \ p, 'l| Brrr, . n.-r :i in nrt 

- U I >nu Slor^.Srw. > JflLlJTi 

1 ■ H VJ3fly ,wa - ■ ,,o: ln| - • 3 

• . • klfcinv. o .l. U in-. 7J;P! 

V StPi-lc Iin la' Fir.al V " 


l Smr^.Srw. > InL I J353 

' vJ3fk. L ' ,w - ' " c: ‘- ! lnl - - 3 

nltLsnv. o .r. U IRMJP9T. 
t.Siwtv uri l“ Fir.al1.39S 
. . . Sr«. S3 Inr. 3.-S." 

. .. .Oil. 13 lau JN13 

■1 On. is la*. ~ . 

Oci. 5 Final 5 S3 . 

. ' n 

. roducr. . . Seal. 39 lnt. 132 
"■ M 

norMst'-in ..nor. tv 7m. ftjtR 

i- Stores ...Dei. 13 lnl. ”32 

'Mi\ n 

M i t tirL Pmwny n«. 37 Ini. 2 35 

‘ .ScblSS lnt. 5.413 


.GiU 6 Dufiqg —Or- 2fi lnt. 3.M 
Craiiac Wan. ...Uct. * lnt. l-*» 
•Karabro IJfft 

.Vise* JtBl.39 mi. 54 

Ran k»r 

ShW*W...Orl. 39 WI.I.SMS 
Rt'Oitorih >J.i ..Ocr. 38 Final 1.6S 
■llbch'.tmd Din. .. on. S3 Final 2.087 
Rnvrrbisham ...n, |. J4 Id. 0.35 
"Hawrlrn i Alex i Sent. 38 till. 1.9 
■L'xai and r.i-ni. 

■Viui. Sept 77 Inr. 2.957 
tSilrion BriA . .Oci. J7 lot. 13672 
SlarFsant 

S7X>ncfrr Oil iVtnr.1.7 ■ 
Moih*rvar- ... On. 27 bit. 
Vuirlom i.I i ..fid. A Inr. I S 
Pearvou iS.« .iji.i. 7 lm.2- 
-RVir . Segl » Im. 2 * 

a Rostra Sr PI- 79 lnt 

Rucby Pori. 

Lnnaai net To lnt :l.<h>8. 
■«e«msti Mn. 

Pm®. . hi i. ;a RnafT | '4M 

•Smior Lncns- n« i. lb lnl. fl.jS-Vi 

SniUer? nci. 26 lnt t623 

Spiral Saft-o . 11(7. H lnt. 3.SV37 

S-xan Hnnirr . nci. 3t F mil At** 

•Tarmac ^ Sept 25 lnl. 137 

ftd. Real Prnj* tier 10 .Final* 9 

•Viekrrt . "S.*pt. 26 InL 2.95- 

•Wilmof 

r-rceden. Oc:. IS la. 1.3 

Youctul 

Carpets. .. Sept- 0 lnt 3.018 


ng a great deal of alien- stake in Western Australia's Mr 
South Africa. Keith nickel find a low-grade 


heavv loser was Caesar's- World rouowmg talks with Brostroem to protect the two companies’ I gits — hnngtns net profits down indeed there is a strong urge deposit which must still rank as 
which began the week at $63*1, sale 1 f l . mvesl - Sweden s two profitable activities such as, to 11.2ro ringgits. . to ger in on the act plus a feeling one of the world's biggest unex 

and ended at only S46I Ballvl tarses J ■ companies, the Brostroem's liner operations and The 5 per cent Interior divi- of amazement that De Beers, ploited nickel sulphide orebodies. 

Manufacturins closed the week fP^hitssjon will rcconuitcnd that Salen's refrigerated carso ser-idend declared is the same as which has been prospecting in ACM is now believed to be Vh& 
at ^50^ down from SIP 7 anrf! W P ° Vei k * hrou S l1 3 vices 38 'well as to keep the most -last year’s, but shareholders wfcH the lumber leys for longer than company that is -in Lhe forefront 

there Jew toUe™^ although not 1 “gfi 1 *® 1 *! J®", ifj Br / ‘SS", m ' ? modem Pans of their tanker and effectively receive less since they almost anyone else, seems to have of the prospecting techniques 
"cnerallv as heavv in most of ™ of SKr x50m (S29ml of bulk fleets. , novl - h aV e to pay 40 per cent missed out. beuig developed in Australia, hy 

lhe Other issues. !Si We 5.5rInS25 IC *a Last ycar Brostroem incurred iinctllu i tax . Pereas previous . Unfominately .the ame_kliid of the computerised lirterprafadon of 


-cnerallv as heavy in mat rf ■ of SKr U50m (S29ml of bulk fleets. , now h aV e to nay 40 per cent missed out. being developed in Australia, hy 

th? other issues m0St Bostroem s liabilities relating to Last year Brostroem incurred i" nc(ljue . tax . w *ereas previous Unfortunately the same kind of the L-omputcrised interpretation of 

Pv nS“e trouble H-as ihal'SSf- Snaranteed shipbuilding a loss of SKr 190m before tax ! were i^-free P fhare market wheeling .and deal- data gathered from sateUites 

vnrL- x.,,1 iw' g credits for bulk carriers and but after currency losses and ■ n r the s c pm ' i r « he emerging down- about which a good deal more is 

5,^. tankers built in Sweden.. asset sales, compared i 0 Kr 109m . Uentin.,. wh.ch is _ one of the rhat ted w sn many burnt lively to be heard in due course. 

Stock Exchange decisions at the From 1970 to 10S3 Amtroom in iftTR Tho -ccimoJnv its . hi^scsl and roost active counters nnsers in lhe roaring nickel dAV«. I£ Amex still retains 

LWffftSJ!.* 1 ! SJ2S.^ S r7hJ P fErff i S!J2 on«heKMali iLuntpur and S» Ra - So caution must be the watch- ~S»3 ' «rtf 5 AC? it 


the beginning nf the week, how- 
ever, and by Friday some of the 
selling appeared to have petered 
OUL.. 

In addition the falls appeared 
to reflect a reaction to the specu- 


Van Onuneren in the red 


iname was linked with that of ,n J? c rU- ^ 7 Uranium rnnfpnHpr 
■ Fibpr Merlin hnr rhi< h-i»l heen for circular . formations UraillUin COnieauer 

'denied bv the boards of the two tha ’ ‘ indicate a .possible When 1 last wrote about the 

"rniin^ ^ b0ards 0 thp lw0 kimberlite pine has prompted the Consolidated Gold Fields group’s 
• story that the Fiixroy Crossing Gold Fields Property company i 

After tax -profits for the year paee.ronrse ha« been marked vc*r :<>>n ihn shar^c uprp hpinc 


BY MICHAEL VAN OS 


AMSTERDAM, Sept. ^4. 


latiyc buying in the previous few dutch SHIPPLMC and Morase ties had depressed sales but 


■Board wrMinsa mnnnted.' twshi* weeks. Whether, the bubble has company Van Ommercn. has improved nrofitabilitv. Ration a II- ; eari*er Th 

^ e i.»l T ^2L££S' 1 Scr,B ? >urst - i* * 8 100 early t° W- suffered a first half net loss nf sation costs have been deducted : declared a fi 

MHC toco made from resanw, investors who have bean borrow- FI S.9ra <£LlmL compared with front the results. Nijverdal ! d end of 12 w 


ECENT ISSUES 


ing on margin and are now facing a bet profit of FI 2.4;n in the expects a further imorovemeot in 
calls for cash in' the' face of same period of 1978. results iff the second half of this 

Share price declines may well rh ., irnian Mr w H Rrnuwer r ear * although the outlook for 1 
be joining in the selling. W l? Tiris briefing that hK *UH far from ; 

company expected results to im- ^ ^ .. ' . .. 

Navy contract . ?;" c aff -gg f r STSi 

T FI 23m, Md 4»t (here wer, in. •?«*' 


The company has a sempr Conzine Riotimo of reserves at the old Luipaards Vlei 
first and final djvi- Australia official is quoted ire pay- mine could be exploited, 
oer cent less tax.* ins that "there i-» w»t a diamond The advice then given was to 
’ claim in Western Australia that "get out before the bubble 


ing that " there i^ w*t a diamond 
claim in Western Australia thar 


Navy contract 
for Litton 


Tasman plans 
$21m funding 


By Dai Hayward 
WELLINGTt 


;gto\". Sept 24. 


EQUITIES 


WASHINGTON. Sept. 24. The Rotterdam based coin- 
THE U.S. Navy has awarded panv blames its bad first half 


the Afhtnn consortium does not bursts" which it duly did and the 
already hold that wo would like share price came back from 160p 
lo have an irwerest in.” to 62p. But Luipaards is itill-ln 

So much for all the other the running. 

■eekers especially in view of the In the GFP annual report the 
length or time that rhe con- chairman ^lr. Drew Cinoddc says 
sortimn has beeu looking in the that ways and means of turning 
area. StaW. morn - a good raining its reserves to account are stilt 
potential has been walked over being examined with discussions 
unobserved by evert the big boys, being held with outside parties. 

IF 1 had to choose nmontt the Thus the annual meeting on 


i i«, 1973 


1 

~ Hurt Lo*- . 

St»* 



U.s». -wavy «^r panv monies its nan nrsT nan *-*k-*-. various junior contenders at this October 12 could once again bo a 

Litton Industnes a S287. 8m ccm* performance primarily on the Zip Xh period \. hat ts probahU the biggest ^5^,1 j r junemre ! would give lively one as shareholders press 
tract To design and build the (tank storage activities and to the year. money-raising effort ever na t m fr, r rpaUv -twidus effort for more information. hi 

- _ -•— -» - ... .... mounted within New Zealand. -- - - — - - 


?■__ : sif * rac t to design and build the t a nk storage activities and to the 

-£5. T.+ nr of a new class of guided 1 depression In the mineral oil 

■*“ =< ■■^c ' “ missile destroyer. Tne navy 1 market especially. Inland ship- 


V.r. ' 31(8 t7 I 71 |C*rtier» auiwrfond>....i 

E. P. ' S3 . liid ' Ifr Un|t*« (Li (j*w'lr»(20j< : 

F. P. — ; S^ij; 34 lUAflor X*t Crr*. Sfolw 


_ I ^ounieo wunin apw jteaiana. ^ t ^ e Magnet MetaH-Lennard Oil- Johannesburg guesses are rfie as 

[- ; "* S < ■ r '€\ sr '\ ~ missile destroyer. The navy market especially. Inland ship- C VA Kdrfl Polltdrica . Thc company, which has suf- western Queen group of com- to the identity of the “outside 

’ ■ 1 plans lo build 16 of the ships pjnjg is still suffering from over- cuuiubti \ fered from financial problems nan i es although they have so far parties.” Top of the list is West 

84 ,-i vs. 4V s.ij 4.8; 7.5 over ihe next 10 years, and con- capacity while seagoing shipping SVEXSKA CV ellulosa is to co-| Partly caused by industnal un- found only a single diamond Rand Consolidated which draws 

*1 1 "truction will begin in about 18 showed a slight improvement in operate in the marketing of resl * vants ro raisp -N«20m 1 believed to be or gem quality), gold from Luipaards and has a 

” T“* ’ "-^i 1 f i months. the first six months. chemicaf products with Hercules 1 (821ml. Tasman is anxious to a chance tunt-up from the first uranium plant. : 

•• Last year Litton reported an Meantime NijverdaLtcn Calc. 3nc. of- Delaware and its Swedish ; raise capital within New sampling of =matl parcels of Other possibles are reckoned to 


capital 


New | sampling of =mall parcel* of Other possibles arc reckoned to 


FIXED INTEREST STOCKS 


| = ,5lr! 1378 1 

' j 

|.x •* — - - - 

< “ Hurh ■ Low ! ■ 

Slock < 

! 


1 

|| i+^ r 


after tax loss of 890Am, com- Holland’s largest textiles group subsidiary Hercules Kcmi*ka. I Zealand to help refinance part ground in a Kimberley area that be Randfontein the "old” plant of 

pared wdtb a previous profit of has managed to cut its first half reports Reuter from Sundesvail. of its massive overseas debt has at least mat oe* n cboiseD which is quite nearby and West 

?56m. following the settlement net loss to Fl 2int from FI 9.8m Under an initial three-year deal, which stands at about NZSIOOm. haphazardly. Driefoniein which is a -Gold Fields 

Of claims for ” additional pay- in the same period nf last year. Svenska'fi loss-making Nyhman Prospectuses for the loan arc - It is waU B«y from the Ashton group company. Mr. Gnodde has 

ments” on contract* for naval Sales dropped, slightly In the eheraicar “.plant will market .to- likely to be issued within the vtiJr Sf? n i ca J J i» au * 

wumhmE Th< mDintnT'i Aiimit* nMinH ho s nor (wit tn Kl E».»ihi»r with Swedish Tforiiil** next two weeks. Tasman has helicopter and ton tains. Kim ocr- in*. Luipaards reserxe potential. 


. with the U.S. naval authorities The Board of the Aim elo 
T\ had lasted some nine years. ( company said that the 1 
r ^ Reuter ment of certain lossmaking 


a}i*t-»4 

107*+] 


■5:?: 

F.P. 


S/llf -Bl ’J TH’ U 
98^1 rer«).V( 
— ; MJ»; 981 j Sl 


a Var. Rw» Had. 1983 J & -4+l»- 

V*r- JUie 1983 ........ J 


- 1 997g' 99lg iWaadwrorth V art* Uto 1983 \ ggl^. 

M RIGHTS" OFFERS ^ f 


Currency, Monev and Gold Markets 

V > - 


Movements of the pound 


bearing dimonds in commercial but subsequently admitted that 
quantities hut is keen enongh on this figure was for “proven” 
its initial disemeries to have reserves, namely those actually 
tied up all the available choppers blocked out for mining, 
in the area so as to keen out South African analysts reckfin 
competitors. , , , that the to ml available ore may 

The group is weH endowed with be nearer Sm tons with an aver- 

the currency, with the annoonce- funds, ilagnet gets a cash flow age grade of over a pound of 

ment during the week that Canada from its unusual peat producing uranium a ton. It is thus con- 

15 to float a 8750m bond- issue in operations. When 1 write about eluded that GFP has decided to 
New York, the second such issue the company in January h was exploit these resources on the 


BY COUN MtLLHAM . tUs year 

! i THE CONTINUED weakness of pound rtee above 82. very briefly, picture , is rather different. Not GOLD 

I - . (Cte.rt« ( +.oe. uje UJ5. doJlar pushed sterling end may do so again in the near surprisingly. . oyer _the past 2\_ 

V- ‘ -‘l 17“' f airly doK to the 82 level tet future, but the rate against other years the Hra has fallen against ~ 

j 1 I..I • umAb (ithfiiink HWrirMion Vfiril Tmtiw NiTTpnpwt k milip awilher 7hp_ nniind. and unonKt other 


li ! •- 


High Low 


M*.-i 19:9 27/10 - 73 • 79 AimuiwImL '“78 1-1 

P. 1 82/9 27: ID 350 ; 32T - dJ.TOt . 7 ..:.: 834 '—1 

Ml . 40 . 52 :Banli of Mooiretl SS ■— 1 


. ' l 

k ■. W* " v — 


•Stt j — ; — I iupm; SOpm'L'fe. Pi. Ftuoio - : , 4 ' 80|«ni . 

Nil — ' — . 41pm 1 S6|im I>«l*rtV ...; 40noi — I 

•'.P. > 22-9.13: 10, So ' 74 Uuthq* _^... 7b 1— 

XU | — . — ■’ 1 10pm; Spin nat*yflit'm«roclijiitnr.Lo'SB05 6 — 

XI! 1 — — ' l<fim NilpmCita* mih! Phoenix-.-.- > 4 ptn : .. 

Vi I ' 29 -9 13/10 lOpm tyin.Bfll a bmilll H ; t bpiu .. 


week, although disruption at Ford major currencies is quite another the, pound, and amongst other Sept ?2 i Sep*. 21 

after life 5 per cent pay offer matter- • • European currencies, the Spanish 

tended to reverse this trend on Keeping sterting up around the P* 81 ? and Portuguese escudo MhMa i» »«>*, 

Friday. $2 level probably helps to mate- san ?* <>•«'... *2t«+«Si 92143.3161 

On August L5 this year the ^ con fid4mce as far es -the City t K $*«**■• ■--igWi-w IgJWt? 

‘ j ‘ ’ Is concerted, but there ere very ".JK-TSq rr?m ^ ^ ”«V.V, StMttn 

CURRENCY RATES (w other Eutopm/. correDde. gSvi?* SS sJSS *■— - >*mr- «» i* ' 

— — — that have fadred as badly as the -£iMJ89i 

5p * c j j } E ?SKSr pound over the past few years snd Y371 from Aa98 G^iooina.. .. — I 

ScpWsikarB . ***. however against the yen. . «tnnu«M»iiy 

— g? - . . ... . Currencies tied to the Deutsche «5fe*K» ’ 


CURRENCY RATES 


6 

b^u ...Z Stfdtaqt 


24pm' lSjur. Hnwtlon tiotip I 82npo''— H j I IJ.S- dollar •— — ■ L2TJ14 


Special EorapCM 
Orawtip Unit 4f 
Rlshu Accnupt 

gjsnro e juan* 


A'li 25/9 27/10 in I M InJiint ei«n-fce» —J........ .. 

•’.P. I — — ; 12>? 19*s t,K«intijfc Hddiujt* — 

'.P.j 11,-9,27/10' 90ptn d2ipin Lex Ber%-b-« 

<11 ' — . 1 — 2) pm. llpui Urn. L Sltillnmi liid^— 

'.P. I ZliB 4:10 III 104 jPiope.fy PkrtaeiWift* — 


92 l .... 
12lj ■*• 1 


88 /«^-Ha I Betabm tram- 


Z9;9 27. 10 40pm 5t'pm Knineni iJe*a!lrrn I 36|<ir 

— — tpm. . 3|>in tU-lHiKv knitwetr.. | 4|wr 

29/9 8'1 l'II4j>ni; Gpm ltioinl<> Eng 114pu 

9(10-6/11, 14 . - 101? Wntmell ! 10 ij 


' ■ ! Post'll turn 

Viuafluon dale usually Ust day tor dealiu tno ot sump duty, b Ftsures Swodlab kroon 5AST9S 

1 prospectus esema/e. 0 Assumed dirMeoa and yield. « Porecasr divtdeno: Swiss franc LHM 

- aed od prcvtouB year's eunuusa. a DIviaeDd and Steld baaed on prooPectua • 

offlcial es/mutes lor 1979. 0 Gross, t F igures assumed. 1 Cover allows . tw v g«‘ xtt 
-*^r>ioo 0 1 shares nor now ranUne for dividend or ranking only for rannoso l -p || fkllf* VV fll 
p-^>. l Pladng mils iu public, pi Pence unless otherwise indicated. J Issued * mwiao v v v/i 
jr. ;i Offered 10 holders of ordinary shores as a - eight*." ■■tawed _ E«< 

of eapliali sation. ft Minimum render price, tt Reintroduced, ft Issued In I 

--in 'wit!) ' reorganisation merger or take-over. fll ImrodoctiOD. 0 Issued ■ 

: -:r preforence holders. ■ Allotment teuers for foQy.psidi. • Provisional , . 'Yean by Elf 

'■paid allotment letters. * with warrants. Ifo to S . Ill 


rrliug oARon e jum* In the first week of March 1976 »i»rk uittun ?h»» Fumnoan v ^ Hi' ^tUx-'tW' 

s. dollar utm* ijoem aterlme fell to S1JS20 and .its i IarK w n , e tu ™p* fan how borerewu* — ssii-«3i sfii^r 

Canadian dollar mm ijaui 1 itr^T^r.’.i n 7* w**ke " have naturally shown • iiat-sa. Mumt 

Austrian scbiihos ... Uoms 1MB1 tfide-weighted depreoation, on ghnijar risen against the pound. Old SoremgM .... 'Mlj-Ui 

fraoc 1LM» MB M«^n Gianmty^figurK. was vhUe the French franc and other . «»«' !■««=• 

«tah krone UW» ■ 7 MUX . . slightly Wider 39 pec cent. Since Crsn/finarian unito hare pp^orH^rl GoiA Cmn * 

tit*** Mark 2.4 ws 2J5M December 1971 Last week the * can “ ,naT l® n 1X0,15 “* v€ recorawi iMenunroaitr : — 

dlder 2-71MB ZT74I5 • ■ .V ' l ^2L f ^V K J25 smaller gains. Kni|tnu.i s22t:-»5; SW1W-72B* 

osne i*** . “ * mnuiar mvei The u s doHar feH lo a iecord ,«m i ti&i«ttw.tni, 

ra 1»JU, jfH30 egalnst the doflar. and rts depre- ^ asain-st the Swiss franc last s * w «^i«frtma-. . ss7s-»s-.' i»7*-5B4 

» -■ — - 234AM »un esation was onkv sHghtly worse at dollar 

mwstan krone ... LUUD 4.7*754 around 40 ner cent, bur in 4ermc * eeKt 0ux . ^LRnatuan Uouar was Out .v>reretga> Ml;-U; isetl-SSi 

*wa 4MJ» «au “l ™ 5 even weaker, falbng tn 85.27* US. ’ J3I-42 ',£61-13. 

fgm+roD* saw 5 . 15 ms of^w - Common Market partoers cent5 on Friday. This all-time Eac'«« «i0b»i3i Isstwis 

*•■*••* WTO ^Itxeriand end Japan the ^ for tScanadian dollar i'*™ 

IY. a ■' wt T 1 ' v m followed further moves to bolster "T - 

Public Works Loan Board rates . Tup cnrtT mnWiBn AralwCT * 

from s»ntnntwr 7 THE DOLLAR SPOT FORWARD AGAINST $ 


18poi Danish krone ... 

Hoi DrttteJi* Marie 

mi«i -3 G “ x 'i pr 

4^' + t fjw* 0« - 

'. 4 pu. “ra 

Nonwsiiui kroos 


.... 2.4-ms 
.... 2.71MB 

— SAW 

.... iMn 

2»4M 
... LCDS 


to draw attention to its oil and best terms it can geL 
gas exploration '* emures which, T The company is paying a modest 
gather, should hot lip next March dividend of 5 cents for the year 
with the sinking, of. theJirst wild- to last- June and "at best" mam- 
cat well.- The- shares were -then -tenance of this rate is expected 
19p. They are now 40p- So a for 1978-79. So it will need some 
good deal of sparkle from the positive uranium news if tJie 
diamond bopes is already rubbing shares, currently 70p, arc to fer 
off on them. gain any of their former 

“Whatever happened to” ebullience. 


INSURANCE 

Profits must soar 
to combat inflation 

BY OUR INSURANCE CORRESPONDENT 


Effective from September 2 

Qna tows rspala Ni 


>mm A" rsssM 


i ■. 'Yew* 

Up to 5 

Over 5, up to 10 
Over 19, up to IS 
Over 15, up to 25 
Over 25 


ftrEIPt 

At 

41 

•uurHyS 

ftyEiPt 

At 

mi ■■ 

RiaterltyS 


ui 

111 

. 12 . 

»5 

12| 


12. 

- , *i 

12 

is| 

12 

12| 

m 

- 121 

• 12 

IS • 

131 

12| 


'll 

13 

m 

231 * 

“J 


121. 

Vi 

13| 

m 


Mutswbcr 22 
Ctud'n S* I 
.Guilder ■ 
Bflglsn Pr 1 
Danish Kr ! 


20220-24272 

3B.7UM4 


BASE LENDING RATES 

BN. Bank ............ 10 %«Hambros Bank 10 % 

lied Irish Banks Ltd. 30 Samuel UO % 


bnota loans A. t Equal instalments ol principal. $ Repayment by half- "Nn*gB. Kr 
yearly annuity ("fixed equal half-yearly payments to include principal 
and interest). 5 With half-yearly payments of interest only. y” 


■v;v?r\ 




:ierican Express Bbu 10 % C. Hoare & Co 710 % 

• uro Bank 10 % Julian S. Hodge 31 % 

,P Bank Ltd. ......... 10 % Hongkong t Shanghai 10 % 

ymy Ansbacher 10 % Industrial Bk. of Scot. 10 % 

nco de Bilbao 10 % Keyser UHraann 10 % 

nk of Credit* Cmce. 30 % Knows! ey & Co. Ltd 32 % 

nk of Cyprus 10 % Lloyds Bank ;. 10 % 

?nk of N.S.W. 10 % London Mercantile- ... 10 % 

inque Beige Ltd. 10 % Edward. Manson. & Co. lli*^ 

Clique du Rhone 101% Midland Bank 10- % 

relays Bank ' 10 % * Samuel Montagu 10 % 

rneu Christie Ltd 11 Morgan- Grenfell 30 °o 

?mar Holdings Ltd. 11 % National Westminster 10 -% 
it. Bank of Mid. East 10 % Norwich General Trust 10 % 
3wu Shipley 30 % P. S. Ref son & Co. ... 30 % 


Lira QSJM27J« 

Tin*8». Kr sansaasoD 
French Kr UTSKHTO 
Swedish Kr 4JNM4145 
Yen MUH aC 

Austria ScT 1UIMUH 


Ctooo 
1S2US21 
2422K2J240 
3S.1MU1 
5JVMJMB 
L9S25-L4S40 
ej»4S.e 
427 JO-227 JO 
SJMK5.1S4S 


pm 

S-lt pm 
2JO-5J0er*di* 
mUTpT pm 
2 M«crili 


ra- Three mMlhs 


and interest). 5 With half-yearly payments of interest only. yS“” ~ 

_ - — Austria ScT 1U4M4.2H Id 

THE POUND SPOT FORWARD AGAINST £ l 

- Sept a Dmr'» j Clm On» month j £ pju |rhrr»mootiij % r^. OTHER MARKETS 


I4.rtl-14.ia &24.25PTP t 
U222-LS2H LU2-L07e pm 


U0 SJVMbcpm 


8 ept. B rates 

S' 


VM.I 
Csaadbm 8 
GnfWer 
Bel«tonP. 
Danish X. 
D-Mark 
Fort. fco. 
Spaa. Pea. 
Un 

Srvgn. K. ! 
PirKr>h Fr. j 


nada Perm’t Trust 10 % 
pitoi C & C Fin. Ltd. 10 % 
vicr Ltd 10 % 


P. S. Ref son te Co. ... 30 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Sqfalesinger Limited ... 10 % 


I h4S7S.l,MM) ll.S7tO-l.37SO ft.7804Bc.pmi i.18 t.B-I.Me.pu)' Ut 
Sli l 34MS.2.81lft ffJttlWJtM a.7M«e.pm[ .BSS ll.86-1.75cW 5.1 1 
41* 4.17-4.S8* _4.IBi-4.19i J7»-J T S c.pm | 6.11 |Cto'64« c. pm E4I 

S WUWI.IO I50.w-sa.7ft SB.1 Bc.iwi !.« tUic.pB BJO 
8 19.69.70.65 !j-5i weUI* p-lM |52-M ondla 1+7.75 

5*1 Lr5*4.»7 5.B4I4JIH Bij-Slf pf ptni 8-54JBU-5J* pdpmi l.u 
78 55.40-89.90 59.504MB SO- Ift5 e <11. — 15.I9fitKM60 c. dto I — 74.5 

5 J45.0B- 144.45 144.00-744.10 mr-W0c.dt» -4.17 1160-250 c. dto ,-&J» 
101s. 1 I.E22-7.SS1 I429A- 7.5H* l*-4i Urn dto j—J4l 115-1* Hreiii. j- 3.75 
1 | 10. 174-10.244 IB.tU- IQ J27 59-1* ore pm S.2J ,8-4 ore pm i ijg 
Bta 5.60- s. 6 7 -| 8.B3-5.E5 3i-2ic.pm 5.U :/-5o.pm «Jl 
61a ft.6M.7B a.lftM.716 ««» I MB 9i- J i cr« p» I 5.77 


"■tn™ rr, . p.g. s.w-e.hi b.«-*.bv «r*i ‘"K'" 

•IwptobKi 5 ftla ft.6M.7B ».7»44.71» « ,rrr fK ’ •«-"*” ' *■” 

Yea 5> t- ■ 588.576 575547*5 4.MJJ0 yp«i 1M« ^BM.tBypmJ 10J7 

Aoatro«ch 41* i 97.58-21^6 37.88-27.95. 17 - 1 pro pm ( 6.18 l«-iD e re pea 6.01 

9wJmFr. t I *48-5.0*5 I *4»i-5JHW 5la-!ifl e.pm 11,58 |iM*e. pm 11 .» 


vicr Ltd 10 % SqhlesingerLuruted ... 10 ■*! 

dar Holdings 304% E. S. Schwab .: 111% 

arterhousc Japhet... 10 % Security Trust Co. Lid. 11 % 

3t:lartons - 10 % Shenley Trust 11% 

E. Coates : 10 % Standard Chartered ... 10 % 

n solid ate d Credits... 10 % Trade Dev. Bank. 30 % 

-operative Bank *10 % Trustee . Savings Bank 10 % 

rinthian Securities 10 % Twentieth Century Bk. 11 % 

sdit Lyonnais 10 % United Bank of Kuwait 30 % 

e Cyprus Popular Bk. 10 % Whiteaway Laidlaw ... 10*% 
ncan Lawrie 10 % .Williams * Giya’s ... 10 % 

gil Trust 30 % Yorkshire Bank 10 % 

-gUsh Transconi. ... II % ■ irembera or ti» Acwpune Bosses 

satstsf- - — — 

tony Gibbs 30 % 7 v-dar deposits on sum* of £10.600 

eyhotmd Guaranty..; 10 % “!5 ^ cs *°“ 7i *' 

ind lays Bank t!0 %* can deposits over u,mo J*5t. 

mnesa Mahon - 10 %5 Pemoni ud-deeoAts « r e.‘ 


CLIVE INVESTMENTS LIMITED 
yal Exchange Ave, London EC3V 3UJ. Tel: 01-283 1101. 
fes Giride as at September 12, 1078 fBase 100. at 14.L77) 

Zlive Fixed Interest Capital — .......... 129.57 

211 ve Fixed Interest Income — .... 114.59 


5N HARVEY & ROSS INVESTMENT MANAGEMENT LTD- 
ornbill. London ECSV 3PB. Tel: 01-623 6314 

Index Guide as at September 21, 1978 

Capita] Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio ^ 100.00 


\ M S**-- 2 * j ? - g j l 1 i 

2^“! sin Affirmina Pi«o 1.69 1-1. 60S JeB7.7O-0S9.7a |.\u*trim J 27.50- 28. SO 

I Awsuulto to-l^r— . 1.7007- 1. .05710^to25-v.8bS2 ;Bci(ri»n) ! 62.90-63.00 

s i ' Fmtoad MsrUto—. 7.96-7.964 |4.03 10-4.1350 Denmark ; 10.5 S> 10.70 

in. BrKritCnuwro i7.S7.a6.37 ; IB. 96- 19.45 VtkDPb 8.60-8.70 

'■S- Oresoe tinu-imis „ 72.075-75.835j 36.55-37.45 Iriiwmsar 5.80-3.90 

Hftnc Kraif Uoltor. 94 ^ 1 ,- 9.364 1 4. 7500-4.7? 30 'IimJv ’ 16UO-1650 

“ J" TS lr*n Rwl IS 6- l*t Z 70.4A70A5 .Jspso 370-5B0 

P™ '•** Knnii DlmrikJJ/ 0838-0.642 j0^721«.87S9 Ntchertoads j 4.15-4^6 

® Hi Xjnpmb.mrKKr.ne 60.9.-61.00 j 50.76-50.78 Xortr«.v_ ^>.{10.15-10.25 

rj"*' ' BlPtomto J — 4j4965-4.fi 115 2.288 j-Xj 2&40 Itonuasl B9-104 

ftypmj 1DJ17 Newtoaimrt Dnltar 1JJ573- 1^6430.9420-0^466 pp*in.._ 143-148 

I ,r2 A»bm RlX»I 1-6.61 15.5215-3.3240 Isvmsertoixt 1 8.96-5336 

PW | 11-9# Sfogmpore tMlhr.. 1 4.394-4.41 12.4340-2^350 JfnHod i»utw j 1.97-1.90 

: *j»hAfrV«nltoTut| 1.8987. 1.72 IT JJB800-0.8735 iTbeMbvta 58.0041.00 


■ Btietu rare is ror -oen Terrible frsacs. • Slx-meath tonranl dollar 2L05-2.Ke pm, 
naucttl franc 83J5-S3.30. . U-month 3.4W^5c pm. 

exchange cross rates 


Rate strap for Arpenons Is free rale. 


j Pound 6 i«r 1 tns) C.». Poltor 1 Deutadmlfsrfcl JepsMw Yen | Prraoh Ftant.- a*ie« JEmac j Omen Goiter | Imiton Ltm ■ unot Dollar ; Belcian Fran 


-: v /dex Limited 01*351 3466. 

tom Road, London SWIO OHS. 


March Sugar 1J 0.75-1 1230 


Tax-free trading on commodity futures. . 

The commodity futures market for the smaller investor. 


Pbood btertias - • 
VJB. Doltor 

tfentKdn Uarfc 
JepMMse Yen IXCO 

Preoeb Pi*fK/ 10 
Swiss ftNc . . . 

Dntcb OolUer 
luutiin lire 1,000 

OsiMdlan Dollar 
ttolaton Prenr 100 


HOMEY RATES 

NEW YORK 

Prtn» Raw.., 

Fed Finds - — ft j *g 

Treanry Blits (IS- week) Ml 

Treasury Bills CIS- week) *J# 

GERMANY 

DJbcootu Rue ...» - 

Overoiabr us 

One month M. 

Three months • — ■ i7Z » 

Six mom ha oM 

FRANCE 

Discount Rate : - 9J 

OvemUSu 7 

One month T,»S 

Three mum in 7.8S75 

Six rnapth* - 741S 

JAPAN 

Wacoimr Id tc . 3.5 

Call (Dneendinnnl'i . ‘ *■125 . 

Bills Discount Rate 5.623 


LONDON MONEY RATES 


5f.pi. 22 
197- 


Meritaa 
'Certificate 
ni itepoaK 


Uww [Leva' *mb.| Yinwiue i 

Aqtbority J nec«iab'e ( IIoum LWnpauy * 
depMfto { /won* j Depont. 


Uveraiein — 

kdain notice.- — 

7 dan or — 

? daV- notice.. - 
One ranniu .... Bl« 9\’ s 
■ Vw ntaniJir... 9|*j big 
Three toonl6<. ' 

t*i» month i.— 6&a-9's 
,S>iU moctUi-.. 8l4-95a 
One v«r . Sli d;# 
i 


So Ea«i*. » 116-719 if t is- iis EACH YEAR, in the third week rentage of underwriting profit 

of September, the Chartered required to maintain what he 

Insurance Institute holds its considers to be the "minimum" 
FORWARD AGAINST $ I annual conference: the occasion solvency margin of 40 per rent 

y may be fixed by' the calendar, and the preferred norm of 50 

Catnap* pi Three maaihs p 1 but its location is variable, and percent. ; 

PE WB par ^jirTi^nsairaii - ' -tan this. year’s conference took place As Mr. XelJy said: " To sur- 

offMtcMi m* 1.J7-U2C pm zo a* Newcastle. Foraal business— ^ hic , h . , f ; nflat ; on wi1 u 

a^cpm 0.58 7-fcpm mi the election of- a new president , ; ‘P , _ 

"to "t£ *° 6 officers for the year, the sohency mdrgmMntact requires 

presentation of reports and ■ • • underwriting returns whic)> 
«j04.7snredts -4j»7 iMi iir. dH —us accounis, and so' op — took place IbP industry has simply failed tiy 
Ss«^c C m is as usual on the Friday morning, produce, and which may, for 

a«-&a»£eiR & 8 Z uM.Kmnu tn MO Thursday was given over, again political reasons, he unattain- 

ua-uBifpiii 7ja jjwuywi 5.16 as is usual, to the presentation able.’’ ' 

s® 5 -" s fssszrs SpSSi /SffiTiirS .K?* 

ference; this year the morning the country s supervising body, 

was given over to the salutary concerned with the solvency of 

topic of profitability — company British insurance companies and 

profitability was considered by therefore with their margin of 

Paul Kelly of L. Mease] and Co., profitability. 

Lloyd’s profitability by Sir Have- . It is an ironic comment on Mr. 
lock Hudson of Lloyd's. Kelly's figures (which are not 

.¥?!: M * Paper b?s been new hut w hich I have not prev'-i- 

wndely publicised in the insur- e _„_ • 

ance PrZss. and it is to be hoped th .'f 

that his message has been re- fftacptn 

ceived and understood in ail RDowed by the Trade Depart* 
quarters that are concerned with — British Insurance Asso- 

the well being of .the British ciation's formula devised to test 
insurance company market — all the validity of motor premium 
quartern from the supervisory increases was only 2.5 per cent 
comdors of the Department of throughout the mid-70s when 

°oSi sid?; °° ,t3s in excess » f 20 p* r 

c“SS- r00R,S UP M,d d °" n a ‘ His only recently ,b.t tbl> 

formula has been adjusted to 
Crtli/nwfttr allow a 3 per cent profit margin 

solvency target (Which incidentally few com- 

The message is not new hut pJ, t n . ,e *' ca " ho P e 10 artain »- 
Hearlv neeric ul lei lf the department of Trade is 
rrpmJLtuf!? S *K t0 restated l0 Seep {hl , prnfit &CPew llght 
frequently in there times when down on lhe motor insurance 
from tne underwriting aspect so account, which forms such a large 
many categories of insurance proportion of many composites' 
businesses either just break business, then ii follows that the 
even or make positive losses. margin of non motor profit that 
It is simply this— that in a 1,10 companies require for the 50 
period of high inflation levels percent solvency norm must bo 
of underwriting profit far in L F „ r ‘ n excels of Mr Kelly's 

excess of those generated in §? 0 w!b "runs" in SlablKlSS 
recent years, are required to As the current spate of half- 
mamtain solvency margins. year trading results shows these 
- Mr. Kelly provided a simple profits the companies are just not 
table (below,') showing the per- obtaining. 


Ulh uuni j [ bJifjilno i 

iparbM , Tr««*ory ; Uuik 

: Wild*. 1 Hl-n* I Uili«« 


I 9-9i t 

, 9 r «-»ri 

I 

i ftssllii 
93« «T| 
- .9.-* 10 


1U5, 107* 


| 9«*-9»j 

I 9!«-91 a 
; »9!a 

; 9'« 2 1 * 

, 9 «?/ 8 i 

■ 9>i 10 J 


9to-97 S 

8n-ioii 

10i« 

lOJe 


Solvency 

40% 

50»i 


Premium growth per year 


9% 

10 r n 

11% 

13% 

15% 

0.3 

1.1 

1.0 

3.5 

5.1 

222 

2 2 

422 

6.2 

R.2 


Percentage profit required 


Local authority ,s/W finance hftttofrs «*reu ejar 1 ' - rmncc. urhers *■!■« Cays’ Axed. • Leiceraena local «mh<irtty mnrrpas« 


£14,000 ‘wall of trees’ 


ra»r nmntaalry three year* tU-ll* per mu: /our rears ill o«r cent: five year- 12-12J per t-int. ® Banli bill rates in table I pt AMTIMfl U •„ . u , „ 

are miyins rai& for prime paper. Buying rare* for fi-ur-monrh twnk bills 9 Ma per cam: r<.ur.innmh trade bills Pi M r rent ^ , ° Start a . ^ Ir ? rC Th . Hri trees and 


Troiaory lHlir Average leader ram of dmumiT S 8097. 


dential areas. 


ringham. 



i 


OVEBSEA&MARKETS 


financial Times mm**.:*** 


INTERNATIONAL BONDS 


Gravity gains the upper hand 


'CURRENT INTERNATIONAL. BOND >SSUES 


Borrowers 


BY NICHOLAS COLCHESTER AND FRANCIS GHIUS 

I AFTER DEFYING thi? force of by a similar amount. One reason prevailing circumstances. There 
gravity for some time the dollar was the widespread illusion that was softness in the prices of 

hnnil marliM tinned nnirei^ahl-.' shrift MIPS Mr# in nnin. ...hn^n nn.mnnc ln.il k»n. 


K 

■11 

S) 

A. 



;an unhealthy monetary climate. Yields on l\S. domestic bonds date rose by up to 
-with the dollar falling and L'.S. rose by up to 0.15 per cent over The Eurosterling sector bene- 
■'interest rates rising sharply, the five days and international bond filed from the dollar’s problems. 
." market remained mnre remark- prices fell in sympathy. Prices here have put on between 

•able for its calm than for its Both markets have been one and two points over the past 
movement. Prices dropped by helped greatly by the imbalance fortnight, though a number of 
between J and , over the five between repayments and new issues are still languishing In 
days and it was dealers rather borrowing. There is also a sus- the low 90s. It appears premature 
- than investors who engineered picion among traders that to expect any revival in the 
this fall. holders of dollar bonds are now primary market A new Eum- 

Alt'nouen the dollar suffered hanging on to them rather than sterling issue would need a yield 
-in ihe uncertainty after Camp race up to their currency losses, of over 11 per cent to stand a 
-David, it va« developments in The straight issue from Itel, a chance and finance directors 
-the U.S. credit markets which fast growing U.S. leasing com- remain unwilling to commit 
laapeared to triaaer the dollar pany. showed up liquidity in themselves to double-digit rates 
'secondary marker's decline. On search of an investment- The for long terra borrowing. 

■ Ttipsdav.’the Fed sisnalled a ri*c issue was priced at par with a The timing of the reopening 
-in the Federal Fund* rale w S.a yield of y.75 per cent for 12 of the French Franc market. 
p°r cent in a manner which L.S. years. I: was heavily over-sub- which had been closed for two 
■observers found peculiarly scribed and the managers in- and a half years, was not very 
.emphatic. On Wednesday the creased rho amount by S5m to happy. Credit Commercial de 
Treasury note auction produced -S30m They eschewed a larger France finally got permission 
a two year vMd of. S.<55 per cent increase because of the poor from the French Treasury to go 
' — no from S33 per cent a month state of the market. ahead on September 13 and 

. pa riser. Then a new hatch of Thn Floating rate note market announced two days later that 
^evnansive money supply figures, behaved predictably under the it was arranging a FFr 300m 
; followed by a i per cent rUt? - 

’-m the discount rare, completed 

■.th«- niefurp. bondtrade index and yield 


The«e dpvelonm-nts had qiul** September u 

an imoact on the L.S. bond mar- Medium term *8.62 aj* *8.91 j.u 

ket. Since July this market had *■•"« »m — 92.73 a.7» 93 .nl a.7« 

performed in ? manner even eurobond turnover 

more remarkable than that of its (nominal value in sm> 

international counterpart, with u.s. dollar bonds 

yields falling 50 basis points Eurecirar sSSj? 1 i£» a*”* 

while short term -rates were rising cedei 377J ■ tbs 


1971 

High Lew 

NU <18/4) 91 St C22/9) 

94J7 <19/41 92J»(29/6) 


Otter brad* 

last week previous week 
2M-4 420.7 

161.7 24L9 


10-year bond for 'EIB with an was band^mely oversubscribed. 
Indicated coupon of 9J per cent. The managers UBS (securities) 
Initially CCF had argued in could not raise the conversion 
favour of a 12 year maturity but premium above a promised Iff 
the Treasury insisted It he per cent so they fixed the ex- 
brought down to 10 and many change rate for conversion at a 
Paris banks still feel that an stiff level and lowered the 
eight year maturity is the safe coupon by half a point to 5j per 
maximum, for such bonds. cent Even so. the security went 
Last week, as bad mck would t0 a substantial premium in the 
have it the French franc aftermarket This offering 
weakened and interest raLes on followed the announcement by 
sis-month franc deposit * rose Moreau Grenfell of the first 
from 9-9; per cent to 9:-9« per Danish convertible. Novo 
cent, thus weakening the attrac- industri. a pharmaceutical group, 
tion or the bond for foreign “ to raise $20m on terms to be 
investors. So while the Treasury announced on October 2. 
wanted only 20-2S per cent of Two Japanese convertibles 
the issue placed with French were announced last week both 
residents it seems that far more for amounts of DM SOm; one was 
has ended up in France. for Jusco. the store chain, man- 

The Deutschemark sector bad a 3ed by Westdeutsche LB. and 
a quiet week with prices very the other was for Nissan Diesel 
little changed over the five days. Motor managed by Deutsche 
The domestic bond market was Bank. West LB will shortly a n- 
friendly but traders were not nounce a S30m convertible for 
surprised to see a pause in the Kayaba, a Japanese hydraulic 
international market after the engineering companv 

™artc«“° «S 0rI Sf“, Ce moSh stations were oat over 

Underpinned by thfstrenstb of P 1 * *“ k “? for «. J***" 
the dollar and by steadv short- “* ? te ”“ ? f ° r 

term rates, the- wider] vine tone Baak of Tok F°- ^ margin 
is firm. " will be * "“*■ *■)*« mini. 


■ Amount 

• 

US. DOLLARS - 
SfrFuttatd 
+tS«idsrafisbank*a- 
5tH Salvador ' ! 
inters hop 
tfEfB 
ftEIB. 

tArab Malaysian Dev. Bfc. 2ff - 
JtO«s;erreiditsche KcntrJ* 
(g'teed Austria) Sff- 

fNovo Indmtri 2ff ; 


Maturity 


M0\; 

■Mi 

' 2S 

air-v 

7S 

I2S - ' 
»• 


J98» . 
t«5 

1983 
1990 

1984 
1998 
'1990 
1983 

1988/93 

1989 


Aw life 
Years 

10 

7 
S 
1 

8 

15.05 

9 

5 


Coupon 

% 

9 

6 . 1 - - 

8! 

Si • 


93 

7i:. ! 

531 

7 





*24 


Price Lead manager 


99.65 ■■ . Cohfrnan Sachs* ? - 
100 • -CSFB 
- 100 BN*-—- 

ICO ON (Scoiflda) ■ . ^ 

■** 

Kufm*Lort, 

100 Kidder,Peab«tyhit. ; 9^s r * 

100 ADIG ; *jf. l-igrg/ . 

100. • European Banking, fl&j.- - 

WO Morgan Grenfell . 


■ D-MARKS . : -r 

4§Kofushtrofcu Photo Ind. gif 
**Toyo Rubber (g*&eed- 

Long Term Cr. Bt) j jf. 

Indonesia '-“IfloT* 

§Jusco . . > : 89 

§ Missort Diesel Motor- QQ 
[ "Girozentrale of Yienha 25 
“ISCOR (steed S. Africa) 40 
§Kayaba ' 30 


1985 

1933 

1984 

1986 
1986 
1986 

1984 

1985 


3} 


SJ 

7 

3f 

3j 

5i 

81 

3i 


100 


ISO 
100 - 
100 


WeitLfi 

Commerzbank 

DresdnerBanic 

WastLB 

Deutsche 8an}t _ . 
WertLS. '"A-..-. 
Bay. Vcrelnsbattfe 
WestLff v. 


-asr 


v'V 35 

^:3S4 
: -T 5.75 


SWISS FRANCS 

JBankArnerica Corp. ..' SO. 
Oberoesterreichiich* 

Kraft. 50 

Norget Kormnunatbank 
(g’teed Norway) 100 


.1993 

1993 

1988 


n-a. 

n-a. 

n.a. 


31 

4 

4 


100 


UBS 


* Crfdrt Suiue .' >•. . 
- Banque GorzwiUer^ ' 
100 . . Knrzy Burtgoirr 


L75 




FRENCH FRANCS 
EfB 


200 


.1988 


91 


CCF 


KUWAITI DINARS 
Dev. Bk. of PhO’ippines 
(g’teed Phifippmes)'- 


per cent and the mini- — 


1985/90 — 




KBC, AD1Q :=.V:-;. 
. MerriR ifodt ; bfc' : 


The week saw two interesting “ uin inter f t rate an academic 
convertibles. A S24m issue by 5 ^ v «**- It waU be signed 

the Swiss property group. Inter on October 3. Ln usually, the 
shop, was convertible into Swiss securities will be listed on both 
franc shares in Intershop at the ihe Luxembourg and Singapore 
rate of five shares for each stock exchanges. The lead man- 
doliars 1,200. par value bond. The ager~ of £he issue is S. G. 
bond was popular as a result and Warburg and Go. 


UNITS OF ACCOUNT 
IPvuma 


20 . 


Swedish Mun. Financ. Co. 15 


1993 

1993 


12 

15 


8i 99i . Krediettnnk Lux* 

First Chian 

7 i • Kmfietbank Lux. 


851 . 


• Not ftt prkxd. -Jiinl tarnu. •• Placment. f Rwrttof rate iwU. fl Mkibmi. iQmnffiu.. 
ft n«ftg « n J wHft U5. Secaritfas and Exctamf* CmhoMm. A Pmt terTbid. 

■ A . ■ Kotc Yields ore caknhted on JUBO b^. 


Indices 

NEW YORK-MWJ05E8 


M.T.8.x.ALLoojmoir 


’XiMS and FxHa 


22 


Sept. 1 Sent. Stfil. Sept.. 
21 


"7375 


20 


19 


S lf 


i>meiCdnipiiat n 


BirIi j La" 


Uutb i Leu 


lodustnair.. 86J.44 SET. 74 857. IS 8SI.57 870.16 878.65 #7. ft . 742. IS 

. ft-7i (2e.«! 

H'rne B'nris' 8S.0S 89. IS 9S.S5 89.55 83.50 89.54 *3.86 88.75 

•it. 

Thiotprt... 2«1.58 2 0.01. 245.15 245.962*7.85 iM.7S 261.45 19H.il 

(9 1; 

Utl.lti«» 105.72 IDo.99 196.85 1 05.92 106.59 106.45 110.55 . 102.84 

■si. fflsei 

1 null or to.. i 

OOC’it 27.360 55.540 55,220 5I.E60 55.860 57.250 — — , 


M5I.70 41.22 
2/VJZI 


279J8 15.23 

(7-2.69) fe.7*2) 
1S5J2 10.68 

:20.e.-W. -SHA-tZi 


* Basil of Index ct.^need frnm AaRUft 24 


: 1 ; 

. Sept.te-pni .Sera . 

22 St ; 00 j IP 

1073 



* ’ - 

1,874 1.888 
610 552 

High ; Low rims 


57. SF 57.50 57.32 67.84 

; 1 1 

BOM | 48,37 Cncbazified < ^1 434 

llW) 1 (Ga 3) -Mew Sighs-.,.-,. I — 
New Lows—.... 1 -te 

890 1.158 

374 ■ 378 

— • 11 
- 14 

HOHTBEAL 

i * 

Amt. i Brat, j Sen t. 

a | ff i a 

Srat. 

1973 



High 

Lfnr 

Industrial 

Com bitted 

06.14; 204. 75" 2M.P5i 205. Bel 
213.03 211.96 211^4! 2IU? 

211.56 rlLjOl 
217.71 (ll/B) ' . 

182.30 (16.2) 
170.62 (JCiCl 

TORONTO Composite 

109.3; 1265.5 1250.71 

• 

1260.8 

1288.9 (13/S) 

ms '30)15 

JOHANNESBURG 

Goid 

i 

280.1 . 281.5 l 2SB.8 

256.8 

272.0 (14/3 
2(1.1 (15/8) 

IB 2.0 (2CU) 

Industrial 

268A 26 8^ J 2702 

Z71 J 

1S4.= 


Ind. dir. yield % 


Sept- 15 Sepi. & Sept. 1 • (Tear aco appmx) 


5.39 


5.21 


5.38 


6.29 


i Set*. 
: 22 


Pre- 

nons 


1978 

Hl«b 


1978 

Liw 


8TAUDABD AST) POORS 


j set*. 

pro- 

l»lS 

Lhr 

! 88 

rtous 

Bbh 

I J7W 

Spain WV 99A8 

99AS 

UU.ir ■ e’Wfc | 


22 


, Sept. -H-pt. • Sept- ■ Sep*. • Seat. 

;f .30-19 Is ■ 13 


1978 (Since CnmpUat'n 


Bi-jb Lott ■ Hieti 


Low 


Aostmis 'll 5t 6.79 664.71 
Belgium it) 99.86 99A8 i 
Denmark l** 96^7 96 A4 I 


; Imm-cnai 112.87 112.88 112.63 115.58 1I4J56 115.39 118.71 46.S2 ' U4.M 5^2 

• -12.9, l f6;3i UlM/iil (SO.-S/JSi 

{ComprMiti- 101.64 101.60 101.78 102.55 10S-31 104.12 106.59 : DB.dO ' 125 .b& 4.40 

. 112 ■» ■; .6,3. MiMSSi,' (L«JZi 


Sept. 20 j Sept, 13 , Sept. 6 Tear aso (appmr.) 


France (ttj 77. 1 ; 7b.a 

I 

Germany (it 838 0 . 829 J 
Holland (Hi 
Hong 


666.79 

lul.th I 
io/S) : 
M.vc; 

I 

77 1 ! 
229 


44|.la 

IW) 

90.«5 

lasiM 

s«.co 

06.E) 

47.b 

(diS) 


Sweden le>' 389.71 , 389m ' JOe.vt - 523.74 
; • • i (* t- id li 
ffwitierlfiC ] 176.4 , 27BA: Sil.i t 2753 
I - I 'j ?1* £' ; icJmi 


90.1 . 89.1 


Ind dir. yt«M % 


4.85 


4.6S 


4.67 


4.67 


Inn. t**l£ Kano 


9.43 


9.88 


10.08 


9.40 


l»rfui Or*r. Bnnrt yield 


8.47 


8.33 


8.37 


7.62 


tnUces and One dam (aO base value 1 
1» except NYSB . All Comaion - 3- 
Standards nod Poors — 18 and Torentr 
W—IJm. Ow tan nametr.tmM no iffQi 
t ExciwintR baoda - >. rteo (adastmis 
0 400 laflusmai*. 40 UTfJIUes. 4d P tnanc* 
and 20 Transport.. tSrdbei* All ordinary 
|! Beltcttn SB 31/1^68. •• Copenfiwn ' G 
1/1/73 ♦+ Parts Borne 1961- tx “omTiiarr 
bank Dee. 1953. It Amsterdam indumna 
,B7a - 11 Hub Setut BenJk A/7/B4. Ui: Bnno 
te) *25 30' 4S4.98 . i&Jsl 3oa.O* Italian* 1972. <rTokjx> 

•U/B) 1 (4,lCi N 2f SE </I/ ®. o Straits Ttme* I9«a 
SinRapOreW 389.40 3^.7* : 4100 ; Z&.Q •*»•* 

• • <8/9) wdi i? >lrn Inttwrlol 1/1/58 ■ # Swiss Bank 

— tewi 1 rai11 Corporation, u Unavaliabft. 


ctoJ I 7C6.4 
ill.ei ; (17 o) 
93.1 a-JO 
(11.18 ' l*. 4 ) 
;• 610.17 628.21 ! J07.70 : afc3.44 
.. . J. : | (*mi I (lA.l) 

Italy fj;» 82.08 Bins . 82^7 r ttj« 
■ i SOw | <16.1} 

Japan 


GERMANY ♦ 


AUSTRALIA 


tJcpJ 23 


AEG 

.Ultaoz Veraicb .. 
BMW. 

BA5F 

Bayer 

dayer-Hi-po. ....... 

Beyer VeRbnbfc. 
uibelauXed. wrts 
Com merman k. 
Conti Giwnmi^._^' 
Unlmler B w» 
llfg UMg .. ^ . 

UemaR : 

DeuUcite _ 
Dread ner Uenk.-. 
Uyvkerboff Zemt. 
C ate(ir^aun«_ 


JOHANNESBURG 

■ Pnoe ■ 4- or Dtv. Yid. ' _ „ MINES 

«rat- 22 Dm. • — % % ' Seof- ~ „ Rand +or- 

: 1 , .\n»Io America.-: Cortm. 6-30 - .-0,10 

85.9 t 1.1 — - ■ Cfcaned CocaoL-datsd 54.03 .' -0.13 it-uir 

520.0. + 8^ 31.Z : 5.0 ■ ^ n ? r ririoa:alfl «■» 

228.0 -r 1^ 28.12 6^. r ^S{'<V3IATLL SI i : 

139J + 1 JS ItLIb 6.7 ' f— 4^2 « ‘ 

142.0 + 1.5 W.75 6.6 ! ' “*B.| 

ZB 15 4 S . — IB&s — IMS 

slanJan-^ ii> -or ; Rustenbars Hacmtm UN --0.il 

358.4 + 3.4 18 . 3.6. Sl Hetela JJ7JS 

70-60 -IWtt 
• 34J25 


A tut. S 


ft? 


tO. 7b- l 

10.90 


159 




“lit S-I mjn.iw ; 

74.5+0,8, — . - Video Corporation 


265.5 —0.5 17 3.2 : Bly v o u n ca ctn 1130 


— SlEOs] -9J&1 
—0-98 

165.0 + 2.B. 11 ; 3.4| P*V. .'.'ZZ"”': 5M ~*' W 

2ft ' Free Sta:e c ^ al - 

849-5 + 1-5 ^ 5.6 J Presrftsr 3rand ia2S 

+ ®-3& 8A l Presiden Stem 17JS 

218-3 t-2.* . 12 , 2.7 { Sulfas :+la , Sj5 

UapaS Uoyd. ■ 1 1 6.0, + OJ5 14.D4 6. 1 ! WeRom SJO 

Uarpenei J 163.0 +6A tifi.73 K).3- Wes: Drtefomeln MiaO 

1*9 JS + 1.5 : LB. /s' 6.7 1 Wtsm.-S t3.00 

49.3 +0.7 — ' — | western Deep was 

180 1 j-3 9.35 2.6. „ INDUSTRIALS 

152.0 14JJ4' 4.6 AECI - - -+ 340 

326.5 +2.0 23.44 3.6 4n&o-A=ier. latatrlal _. tlO.38 

239 - 2 is J2 S.g : 4J3 

B4.7 - 1.3 _ . _ i CNA lare s : re e ns tlJE 

1B3.5 15 IB 7= 5 1' Cumi Finance . — 

108 _ _ . De Beers tedossiaJ +12.50 

Z785 TfiTr Z5 ‘45 Omso^dMed tar. S.Stad 

, cjg • : 2 - S *d«ars Stores ♦323Ssd 

L5d8 2|_ TB EcerBsafl7 SA _ 

•MO O in 00 ; Federate VoAsb«tes£nSs 

212^-5.0 12 2.8 ; Greaterxaans Stores ... 


iloeebn-... 

Howefa 

Horten— ! 

Kali un«l tttu. ; 

Karsturit ■ 

baufbot...— • 

•iiotfkner DUlOQ.: 

KHD.. ■ 

hnj«. . 

Unde 


Ampoi Explotatjoo— .- 

Xtepol Petrplenm 

.-Vmoc. Ujnemlr.... — J 

JAmpc. Pulp Paper 
4 moc. Con. In/iuitrta*— [ 
Amt. Foundation Invnt^j 

. AJf.I 1 

! Aaritawo. »«■.! 

Rust, (hi A (He— | 

Bamboo Creek (rnld 

Blue UetaJ 2nd ; 

Bousmnrille Copper 

Bamble* Imluarries. ' 

Htniten Hill Proprietary. ...j 

BH ion to 1 

Uarftoa Cmted Btetcerr....;' 

Chit IS I J ! 

Uoctbura Cement.—..—] 

. , , Cole- (G. J.; ...... J 

Tf-JS C«ta. Gobidelde Aunt. } 

Container 1SI1 ^ 

1 Coczmc Blot into [ 

Conain Australia 


-925 

-M5 

-HUS 

-eas 

+025 

-ao5 


18.21 
+ L37 
10.89 
fl.70 
11.68 
11.86 
tl.10 
tJL78 
10.82 
10.72" 
tOBl 
tU4 


•*4.91 

1 + 0.02 

‘40.62 

SJT 

r4<Lfla 

+6A1 

>022 

1 + 0.02 

+0.02 


(+BA4 
|_0.0l 
U.48«D +0.00 
12.10 1+0.60 


18.92 

11.40 

tLBO 

13.88 

11.68 

t2.4B 


1+9.1! 

1 

i-Ult 

:+o.oo 

•+ATO 


inss.- 104 


Unrenbrau 106... 
untba: 

HAN 

liumesmann : 

Uet+ilgea— 

Uuncbener Hock.; 

Neek cnmn .. . . ■ 
‘“iwims DM LX 
u'nelnWnt. Elec.' 

•chen ns 

^‘eiDfcfM — ....i 

rtul JJucter.. ........ 

1'ayasen A.G ; 

Carte 

VKHA- 

Veraln** WearBk' 
%otk»WKsen..-^... 


+535 
— 4.0! ; 


Dualop Knbner <S1).„._.... 

ESCOK _} 

KMerc'mitb 1 

KndeaiXHir Hmoien • 


1.95 —026 j k+L I ml urines 


is- 5 :! 8 l if tsiaaf" 

632 .^1 ‘ 18 . 1.4 LTA 

J76 +6 — — j llcGaru^r Rodwar 

•132.0 +DJ5 — ■ — iXedBank - 

le6^+15 26 ■ 6.7 > OK Bazaars 

272 •••‘■2 29. 1! oB 1 Premier MiLUns 

297.5 +0.2 2b 4.2 i Pretoria Cer^ar .. 


ar,.-« 
aas 


NEW YORK 


13IS 

Hlffil Lm» 


1975 

H ijib Lciw 


Swi* 


sept 


Stock 


39 

32 

45* £ 

5113 

33!| 

20!; 

20!j 

44i, 
27 r« 
58 > 
51 
331. 

;i9u 
52Tg 
•62;? 
43!*, 
3 2 1 2 

56 

2-il-i 

40 ia 
32 ' a 
■3ll ? 

7 

45 : s 
63> : 
J7i, 
631)9 
37:4 1 

20i B 

39 >1 
19S? 

3 lag 
27>4 1 
23J| I 
ibi* 
1B>- J 

20 >f 
44m 
53i« 
36i» ■ 
■17;, 
34w 
61,5 
27', 

29 1 a 

39 te 
291? 
49i S , 
281 ; 

40 ; a 
23lg 
45 

Si, 

26ij 

21 
74 

33 
31U 

34 
18(? 

15 U 
39i 2 


25 Abbott Lab* 

13?3 Addreswjjjrapb...: 
all; *eina Life Jr C*a 

22lj \ ir f-r.-i.Juef r- 

22 A Iran Aluminium 

38-', 

165* Alle«. (jidlum.... 
171? . Ml^heny Pntrer 
341, \uie.| Chemical. 

lflij lllieil Stores) ■ 

22Ij All,*- Chalmers... 

3H, A MAX 

22!j tmerada Hess.... 


S»pr- 

22 

~35 
26 
4 lt< 
28i, 
31U 
46J® 
181? 
181* 
36! a 
261? 
35 
485, 
301, 

15J, 

505, 

58 

39 

29 li 

28r fi 


1978 

High ; ‘Low 


Stock 


9'; liner. Airline*...; 

59 l? | liner. Brands ....1 
34 33 :.\raerj}rrailcart..l 

341- Amer. tan ‘ 

23> (Amer. Cnmamnt! 

231, 1 A mer. Dial. Tel..] 

21ia j tmer, Elert.Pow| iiZ>\ 
315* timer. Kspm*...! 347 a 
2b 1 , Amer.HnmePro<l| 29;g 
16aa ' liner. Medical ...j 
3s? j Imer. Motor»... ! 

39!, Imer. Nat. Gas..; 

32*g | liner, siandard J 
26 > 1 luier. More, | 

57 l s I Amer. Tel. A Tel. I 

27 m >i Ametek 

15-4 AMF 

24i = IMP I 

10 Ampex I 

25 5j Inchor Elockis^.l 
17i? Inbeiuer Busch. I 

1958 1.1.5. A ! 

8's jAsemera Oil j 


18U 
35 >« 
18!, 
211 , 
9”a 
45U 
86 ;$ 
38 
21* 
12 1« 

SITj, 
13 
20 ; e 
643* 
64 
444, 
17 

84'? 1 
481? ; 

351* ! 

445* j 
27), ! 
351s ; 
58i? i 
135, , 
37i a | 
28 • 
541, 
181* 
313* 
46t 8 
825 , 

13 ia : 

294* • 
26 

20* « 
4o l, 
201 ? 
2872 
2i S 
49 

267, 

30 ;? 

25sa 

25 lq . 

26 7* 
44Sfl 

24i? 
SS’b 
31 'e 
16*. 
44 Ir 
60 


13&* Adivn 

27i, Ashland Oil 

4ai? hi. Hn-hfleid 

23, b A utii Itata Pro... 

S‘8 ACC 

154* lli.vt 

441, Atvn Pprslucte... 
24i* bill. Us, Elect... 
20lg Hank America.... 
34 Bankers Tr. N.Y. 

254* Bartei Mil 

33 tiaxrei Travenor. 
22 Heat nee 
314* HectonUickenson. 

14 Bell A Ho«»eLI 

33 Bend is 

21? tk-nitiiet Cons ’B" 
Z0 ; , Betliiebem utwl. 
14't ■Black A Uecker.. 

25 !* .Boeinjj 

22ic UomCascaite 

27ij di.>rden 

25 , Boty Warner 

9 tfraoili Ini 

12:* 'tirajcan -A* ' 

281* .Bristol Myers 

13 r* 'B Psi A Dm R.... 
254, UrtKiurtr Gia»*.. 

131* Hninswii'k 

165* Bucjtu- Gne 

5 'Biilora Watch.... 
36), Burlington Nthn. 

501, Hurmu^b 

311* ‘Uampla-IISjup.... 
147* .i.'anadwit Pacific. 
.Uanal Kau-lolph..' 

'■.'amauun 

(‘.arrier* General 
Carter Hawle,-....; 
i.4ierplllar Tract*? 

CBr> ' 

*.emne»4Uorpn.... 
.•.enlral A S.W....; 


101 * 

241, 

115* 

15 7* 

45ii 

435, 

36 

15 

165* 

291* 

27 s* 

371* 

204* 

291s 

42 

lOifl 

18U 

19i* 

4Sis 
111* 
23 > 
361, 
194* 
lOi? 


■ tertaintced,, 

•Ctti, ua Am-rall... 
<.iia*e Manhauan 
Cliemiuti Bk.NY. 

..lic-el *inli Pim.J. 

CbetsiebVMteni... 

•.'hi tra" Brliljie... 

Cbryster 

■tilu*:. ILIIartun.... 



'.'iti’w iScmc* 

i.'ltv In rearing.... 
■Cleveland Cliff-.. 

•UvcaCoui 

;i.Vrtgaie Palm .... 
.Collins Aik man.. 

Columhta Gas 

Columbia Pmt.... 
I. o m . I □ >i-'\>,ol A [it 
i.'oml'ustiod Eng. 
I'cunlHi-thm 
L"ni'wLli fiii'tm. 
C'm'w'lUOil Kel. 
L<pmm. daterlite. 
i.!nui|iuler Jjcienc.. 

Conn Liieini 

Cutirair .... 

'.Vn Ktlio'O XV... 

t*un-ui F*ji*I5 

nm-ui Net tia* . 
c mini met tV*r*7 
c uni 1 neural Urj. 
Continenrai 1.H1. 
Coni mental 'I nip 
Centn.il L**ta 


261* 

135, 

147* 

31<« 

135, 

264* 

21, 

89 1, 

8'a 
31U 
187* 

21?* 

23 1* 

341? 

215, 

885* 

8SU 
14jj 

23 H 

405, iU*epw Indus -| 


271, 

451, 

461* 

o65, 

60 ig 

341* 

191? 

351* 

161* 

30 

20 

281? 

191* 

151s 
44 s* 
SlTg 
304, 
154* 
287 B 
554, 

263* 

27S* 

36U 

261 * 

43S* 

263, 

37:* 

201 * 

391* 

41* 

2312 

194* 

64!, 

301* 

29 

02 

1 B 1 , 

14 

344, 

16 

3U, I 
165, 

8. * 1 

2 21 * 
781? I 

361, I 
194, 
114, 
315* 

12 

185tt 

597* 

563, 

437„ 

iDig 

21 

46 

351* 

411* 

241, 

29? b 

S5s, 

12 

3S7j 

27 
534, 
161b 

301; 

433, 

203, 

115^ 

2B1, 

211* 

163* 

3fll? 

lnl* 

26 la 
4 Ij 
411, 

14 

395, 

e.2 

24ig 

24 i s 

07s S 

251, 

313 | 

28 "a 
13', 
J7v* 

47 


641? 

541? 

36;? 

30 

57Jg 

421, 

ZXI 3 

313* 

49U 

36ss 

40sf 

14!? 

243, 

163, 

29 

19T, 

54 Ip 

463* 

Site 

301, 

35 

j 467* 

| 131 
i 251, 

I 15‘a ■ 

! 674, 

; 4ii* 

! 521* 

181* 
553, 
39-e : 
281? 
443, 
31? 

27 
324* 
233* 
32s, 
39->* 
40S* 
16 
325* 
25 
391? 
33 
431, 

28 
511? 
23i, 
397; 
111 , 
281? 
337* 

13 a, l 

15i? 

49i, 

11 s* 

315, 

20i a 

92 

57 

347, , 
355, 

66 Is ; 
80;* 

33 ig • 

3 lie 
Site 
81* 
324, 
317* 

43 

323, 

2278 

181* 

34i, 

30 
91* 

31 ig 
143s 
161, 
6358 

li- 

as 

431* 

293, 


45!* 

481, 

245, 

Si 1 * 

293, 

331* 


Corning Gla«b.... : 
'CPC 1 at' in'll anal 

;Crane 

Crocken Nat • 

CmwnZellerhaeb 

Cummins Engine 


161* .Curtis, Wright .... 

193, -Dana • 

34 Dan lndnnriw.. 
23 .Deere 


9B1* 

51 

521* 

284, 

33 

38 te 

183* 

30i? 

451* 

361* 


224* Del Monte 387* 

51* . Deltona 123, 

16te {Dentaphr inter... IBis 
151? Detroit Edison... 16 
23 | Diamond shamrk 26 

114* !Dleiaphf«e....~... 173* 

38s 3 Digital Equip 503, 

Dimer. Walt) 40s, 

Dover Corpn 451* 

Dot* Chemical-.. 28 

Haro 291* 

_ Drerser ' 44 

973* (Dupont 125 te 

161? Eagle Pitcher..... 213, 

6 .ijisr Airlines 13 

411, Kastman Soda*.. 62 te 
33 [Eaton 397? 


51* 

16te 

151? 

as 

114* 
38:3 
314* 
38 
223* 
26 
36 1 8 


341* 
881* 
331? 
381* 
29 L* 
364* 

301? 

141, 

28 

521, 

3B1, 

50 

241* 

49s* 

561? 

391, 

371* 

28.* 


53, 

195* 

401* 

273* 

383, 

193* 

42 


•E.G.AG ; 29 

■ El Paso NaL. Gas 17 

jEltn. 1 

'bmenwnKrectric. 1 

185* lEmerj-AlrFr’igbli 23ls 


163, 

145* 

355* 

295* 


29 

173* 

035* 

354* 


274* .'Hmisn.,., 

2>& |E.M.I 

211? 1 Engelhard.....^...! 

251* 'bsiuark i 

18 ,-Kthji * 

43ls : Exxon ; 

23 'Fairchild Camera __ 
•FcJ. Dept, store, 1 oB 
Firestone Tyre...' la. 
Fsi. Nat. Breton. 

Fiexi Van ' 

'runtime ‘ 

Fk'iid* Power.... 
.Fluor. 


34 

121 * 

24 

16 

18J* 

287 a 

30a* 


391? 

31, 

234, 

267* 

214* 

60s* 

457* 


laa* 
503* 
221 , 
315* 
a 15, 
40i? 


SOI? 

405; 

17 

275* 

74* 

181* 

241, 

S3* 


F.M.C 

Ford Motor 

Foiemret Sick....- 

Foxboro. 

Kraokiin Mint...-. 
Freepo« Mineral 

K rue haul 

Fuqua Inda......... 


104 G.A.F | 

343, Gannett _ 

ST* L en. Amer, Int...' 

223, G.A.l.A ' 

llte Cable 

37i* .Gen. Dvitamira... 
44>a Gen. bieL-tncs....! 
265* Geo. 

264* General Mills....' 
5738 General Motors..! 
17;, Gen. Pub. (Jill... 

24 Gen. signal ' 

283* G«n. Id. Elect...! 

225* Gen. Tyre, • 

37* Genesco... ! 

233, 'G ei-cgm Pacific...! 

20 Geosoun-e... 

33 5b Geuv 011 . 


Z77, 

45 

215* 

37 

93* 

273* 

315, 

121 ? 

131? 

461, 

11 

291, 
171* 
831? 
021? 
023, 
297* 
02 1 , 
Ibi, 
00 
30 
285, 
57* 
291, 
277, 
397, 


Oil, 
205, 
17 te 


231 * Gnierte _.... 

ia Moodnch a. F... j 

15 !* G-*jd .rear Tire...,; 

24i* Guuld d Q 7a 

237, Grace W.K 285a 

off 8 ^ I M C1 " ulSc ^ea VI* 

^n. Nurtli l«s«u.. 

IS If tj whounil .. 1 

“ D" 11 Western!! 

283, Gun (ju ; 

547* HalibiirtuQ.... 

32 Hanna Mining.!!: 

145, Hami.ctileuer. 

Mi, ua.n-co^ ;;:; 

.34 tlJeinc U. J 

24 Houbem.^ ,.,!!!!!!. 


37U 
1 635, 

37 
361, 
265* 
201 * 
24 ;* 
485* 
181* 
12 
13 
445* 
401* 

38 
53 
171, 
281* 

271, 

597* 

311* 

40 

261* 

69 

657* 

241, 

394* ■ 

531, 

651, . 

711? ; 

58;* 
513* . 
541? 1 
57 

265* ; 
324, 
225, ' 

231, 

Si! 1 

s* : 

271, i 
24i* : 
354, > 
154, : 

lit, : 
24 \ 

271, , 
41i, - 
28i, 1 
364, ' 
28 U ' 
2n, i 
£61, . 
284* ■ 
191, 
171? | 


281, iJohns AUnrtlleJ 313, 

66 Uohnson Jobnaon! 85 
843, [Johnson Control. 273* 
293, | Jqp Manufactur'd 35 
231* £■ Mar Corp. — 263, 
28 ] kaiser AlumtoT ml 347* 

13, [KaUerlnilturrtral Bi* 
211, ; Kaiser Steel j 261, 

Kennco>tt„ J 271? 

Ketr McGee.. — | 473* 
KIdde Waiter..™! 337* 
Kimlierly CterliJ 45 

k'oppcr. j 21 

484* 

261b ■ Kroger Cm...™...! aia, 
271? Leas wav Trans.... | 465* 

211* -L«ri htrauM S5tg 

853, | Libby Ur. Ford !| 271? 

I 261? LtogetGroap 341? 

• 367* 'uilyfEln j 475, 

! 14i, Litton lDdu*t~..j 337* 

13 LochheedAifcr'n‘ 287* 
171? [Lon* Star Indus,. 1 24 
[ 185* 'Long Island Ltd.: 19 
! 201, ( Liu isbma Land...i kZ 

! 334, Lubrfsol ; 435* 

j 13 -UicKy Stores ibi, 

> 5t? [L'ke x'ungat'wn. 10 

, 93, 1 MacMillan ........J 111, 

• *6*8 'MacyK.H j 414* 

1 291* .Mils. Baaorpr I 381? 

| 31 jMapco ..„[ 341? 

. 40 ^ratboniJil ; 493* 

< 11 s , iManoe Midland- 16t? 

I 191* I Marshall Field.... | 204, 

201* 'May Dept, atom' 851* 

| 324* MCA 63 5, 

1 214, iMdUennotl Bbl? 

224s | McDonnell Doug! 307, [ 
f 163* McGraw Bill-....! 25 1 

26 Uemorez oO 

483* Mend. tO 

135* [Uemh Lynch. r..i 21 
305, ;Mesa Petroleum..' 36 

251, 'MUM 44 

43 te ;Minn Ming A M tg 69-' 

585* jMobilCorp | oS 

445* -Moiisamo a7: 

395* . Morgan J. P. • 47l 

347* Motorola. 1 451 

33 Murphy Oil ■ 611 

23 te 'Nabisco. - 1 at( 

254* ;Naico CbenncalaJ 28 1 
14 (Nabonal Can.. ...J IBI 

201, jN'at. Distillers.. 2 It 
121? i-Vat-Bemce IndL 151 

29te ‘National dteel j 304 

334, 'Naiomas— —. 48 > 

371 * Inch..- 1 boa 

13 'Neptune Imp 1 261 

813* 'New England Hi. 227 
33 [New KitgUmd Tel 33s 
137* Niagara Mohawk, 141 

93* ; Niagara »bara | 11 

154, „N. L lodustnea. | 211 
241* , A ortol L4L Western ] BbL 
344, 1 .North Nat. Gas... 37s 
24 iNtbn.dtatea Ptrr 261 
20 Nth west Airline). 401 
211, : N Lb treat BancorpJ 27 
164, ;Aonoo Simon.... 19V 
20 iDcchlenrai Petrol 20 V 
IBS* ;Ugiivy Matfaer— i 24V 

17S* -Ohio Bdison.. ' I7ij 

137* 'OUn ........... | 14J, 


. 1KB 
High [ Low 


Sloe* 


set* 

22 


38 'Berkm- • •MMS'DSii ' 5 

251, [Be^nolds Metal, j, 8351, 

K91. >Dre-n n M. T I 


521, Heynolds R. J 

20 [EUch'son Merreli- 
28j* jBockweil Inter-J 
281? |2obm 4 Baas.—.; 


.61 

281? 

35J? 

381? 


- lstfh 
High ' Low 


269.0 + 6.3 26. 5.0: Pnwea EoMIess 

117A+2J3 l/.lt 7.3|Rasd Mrres Pnmmles ._ 

190 -3 ' -l/.U' 4,s ! Rerabiasdl Group 

143.0-^1.2 d.3c 

294 +1 18 3.1 fare Eolninss 

237.1 +ai 25 5 J , ~r 

— — C. G. S~.|-Ji Sugar 

3»V«rteS 

Tiger Oats and NaiL Mis. 

Uajsic :...._ 

Securities Hand U.S&0.76 
(Discount of 33 £%) 
AMSTERDAM 

TO 


Stock 


sew. 

-22 


Dutch.., 


63 s* 

, — 142* 

llte iKuaa Teg*. ! 181* 

131* I Kyder system 26i« 
351? Idsfemv 8torea-J 431, 
221? St. Joe Mineral*-; ~ 
25s* [duHegisPat 
524, haota Fe Inn 
34, Waul Invest.-.. 

41? [*axon Inda-.-, 

10 I achlitr Brewing-; 


264* 

317* 

351, 

61? 

7 

llte 


225* ' 17a* .Wool worth 204, 

2;‘. ' !J.viy- 57* 

J* 4 * ^P«u. !S~g 

18 <6 IIS* deniih Radio.—. 163* 

C---Tre*s.42,196£ l t94:I 

2 Z , S i- H3L.* {’* T iraN | ii75i» t8l =* 
ai4 i; 6.07^LA80daj-bilIa..| 8.14j 


CANADA 


64 4* |dcbluinierger.‘-..! 87 1* 
151 * [sum — . aii, 

12te 5COtt Patera 161, 

1® te lioaeil Mrg ...4 22 

61* [suudder Dua.G,pj 61* 

197* ■?« Container^.' 28 

201* idea gram 251, 

115* iwarlerG.D.)-.J 134* 
221, dear, Roebuck— • 224, 

2fli? .SKDCO ! 424, 

28i, jdheli Oil [ 355, 

nZ • she! 1 T ran sport.-: d5n 

38 | -signal 62 

307* ; dignode vorp— ! 36i? 
104, jalmplicity Ptt+_l 114, 

177* ;ttoger — .1 17r* 

4b4* - Smith Kilim. 

13, 301 1 Iron 

18 Southdown 
235* southern Cal. BH. 1 
154* Soatbem Co.--..i 
285* ,3tbn. Not. Re— .1 
304, soul hern PacHhi. 

444, 'douthernKallwayi 



1 fii 9 Paolanl...- 

32 1 , ' lj't Holxtav Ions. 

394, . 30i? Honnsiake 

721* 43te Buntyweli,..,.,. 
13 i* 111? 

P74* Hr Aroeti 

f n fl ‘Him-iinnNai.Ga-; 

ol * JSI 6 }*«"«*’*' -AiCbnii 
ihulton 1E.F.I.....1 
. J®? 4 'j- < - Imiumne* ... 

f9‘ a iliigerwMItenrt....' 

7i? l!l .. ■* wand Steei 

161? , 12>» Insiieo 


27 

13is 

14 

254, 

70 

36 

C05, 

68 

415, 

271? 

873, 

265* 

364, 

651? 

12is 

295* 

*61* 

141* 

197* 

287* 

441, 

594, 

371, 

151, 


28i? . 203, .Oveneas Shins,. .1 25s, 
344, 1 271, jO wens Corn lng_. 313, 
23 7, - 195* (Uwens Illinois—’ 2a I, 

253, . 231, 'Pacific Gas 234, 

211* I 184, i Pacific Lighting-, 201* 


23te -'Southland. te-. I 

234, j’w't BamharevJ 
«!« ! Jtwi rv Hut ch ' , 'i 
>pem- hstiii 

!'9ull b 

^tandand Brand j 
( ’W.OtICaiiiorniiJ 
Htn. Oil Indiana.' 
pM. Uil Ohte—.) 
dtaulT Chemical- 
127* idterling OrugL-I! 

1 437* |dtudebakra!3te— ! 

-■ 335* jdun Co ■ 

31s* | Sunuraad... M1 ._J 

: I8 3 i JSyntex- 

• ,2^ ifwhnieoior. \ 

■ 325* I lektmnl x 

571, ireieilrna 

! 24, 1 tele* ‘ 

I ?6i* -Xenew.....-.."”| 

: 74, 

; 231? ; Texaco 

! ll'exaaguif.!!”^^.! 

1 3S4, -Texas Pastern'-.. 

; Texa* Inn'm.—tet 
I Texas Oil A Gaa-. 

34S* .limes I n* 

22 te j Times Mirror——'.' 1 

4H? Timken ' 

315a ;lrane.. 

131, .Traasmeri ns 

174, Htminm 

38U ■ Iran- Colon.-....! 
if r “- w *v Intrtij 
95* ifran. lVorkl Air. 

261? | Traveler. 

181, , Iri Continental— 1 


89 

- 47* 
38 1 ? 
Rate 
Ibi? 
551? 
■315* 

504* 
R7J,- 
21 
4S 
324, 
281* 
457* 
517* 
36 - 
441* 
163, 
614, 
44 
471? 
331* 
137* 
465* 
BBS, 
74, 
dll? 


Tewro Petmteom.' ‘ lu 1? 

r ■ 

415* 
371? 
863* 
30 
B01? 

46 L, 
525, 
61 
441, 
181? 
217* 
37 
23 
251* 
37 
191* 


305.57 235i* 


27S* 

44 
431? 
25 
187? 
484, 
38 te 
151? 
33 
307* 
121, 
341* 


204? 
261? 
36 lg 
191* 
13te 
35*8 
261, 
6te 
271, 
27 I; 
10)9 


|KM 2B0.5 

•!u'. Fmrnur' 43S? 

I iiii. H*i ve-t+r... 

Int-. MinACheni 
flit*. MilKllrr.tr.. 

f llwl) 

in>., I'D w . 

IPG 

ini- ItretiHef.. . 

.Ini. J’H). * | «i . 

■"'‘n l-t-el 

lnrrnsiirina*. 


40!, 

591? 

21 

164, 

44 

571. 

144* 

411? 

■ Bi, 
1 te 


224* 
104, 
30 te 

29 

221 , 

421? 

33 

134, 

371, 

334, 

287* 

55 

381s 

27 

195* 

76 

357* 

47i, 

28 'z 

25 >s 
241, 

5BJ* 
151, 
311, 
924* 
253, 
464, 
301* 
S7 *£■ 
Sfiu 
564, 
SS%a 

:?i ; b 


201 , 

4 

20 

201 , 

205* 

331, 

26ij 

•7 

324* 
24 s, 


Pan Pwr. A Lie.j 
I Pan Am Wnni Air; 
iPiatler Hannifin.: 

' Hret-ody Inti 

IPen. Pw.i L.::.... 

Pennv J. C 

;Pennaoil...-„ 

jPwpe» Dnig.,.,.1 

■ Peoples Gas 

jPepawo— — .1 


171+ 1 Perkin Elmer.....) 241? 

321? IPVt 64s, 

25s* iPtirer — 1 dsi* 

L7i* 'Pheip* Dodge..... I 241? 
17 Philadelphia Ule4 17 1? 
59 'lliilip Mom?—.. 721, 
27>* ll'niilipa Petro'm.i 43te 

331? iPklsbur^i— 423* 

185* Pit uer Howes..... 1 k4r* 

201* |Pittnton - 23 

161; Pirewr Ltii .Ujn; 22 i* 


f f 011 4 Gas.’ 5S, 
874, ikw 37,, 

S5 153 

& iE4K2 S- 

364* Lnilever... _.i 441* 

50L? Uniieret NV-... 891, 
1212 l mun Bancorp-.! 27 
36te -Liiion Carbide. J 39 
6i a L'nion Corameieej 
4SS* Dnion (»n Caiu.. J 

41 'Lmoo IVclfic.—te 


397* 

97, 

B2U 

site 


“Teir 

6i» 

39 
241? 

I 48 
24 
23 
74, 
61i, 
471? 

19 

184, 

8.0 

40 

, 

Ills 
14o, 
301* ' 
224* : 
26 
251? 
661? 
5.12 ■ 

us* : 

294, • 
311? ‘ 
36 Is 
IBS* - 
BI, . 
134, 
127* 
814, 
105 
1051? 

28 

23 

161, ' 
311* 

82 , 

331?.. 
151? . 
347* • 
9 
46 

47s* • 
80S* . 

24 

477* , 
21 

58 ; 

237* I 
207, ; 

165* . 
18 • 
161* | 
161, - 
Bi? : 
4.SB 
237, 
165* 
28S* 
381* 

341? 

187* 

39!? 

48te 

65* 

2.30 


17te 

75* 

56i 3 

i4 


10te AbitUrt Paper.— [ 

4.30 .Igmco Kagle.... 

AicmAiumlattim- 
14i* Aieomadtee.— - 
34te Ajt«3tre ;i6 

JZ,* 4 Monirea 1 ' .aSi* 

181? Hank Nova Scotia 213* 
f^5 Bast 1 Kesoureef... 3.90 
52 :Be!l Telephone-, ol 
. 201, :'Bow Valley Ind..; d3 

' 13U BP Canada • 18i« 

. 141, 1 Bmsean l&i; 

1 2.06 ; [tfnnco — ! t6.75 

■ 34 .Ceigary Power-., 39 
111* Camdow Mines-. 17 
85, Canada Cement..' 111? 
97* Canada MV Lan„ 101? 
22te 'Can.lmp 8k Coni! 291, 
18 'Canada I adust ' 1*2 

151? ICao. Pad lie 231* 

181, JCan. Pacific Iny. ,31* 

I Can. Super Ob— I 61 
ilterllng O'Keefe-' 4J4 3 
8 1* itaniar AabestoaJ ST* 

175* [Chieftain ■ 26 

231* .Com in co-.„. ; 3ji, 

i L >*- 8atburst_j 34s* 

ibi, | Consumer Gas I 187* 

51, iCreeka Reeomoes; 07, 

7i? ‘Contain 131^ 

67* ;Usph Derei 12s* 

52 Deni»on J Line, 76 • 

. 701, Dome Mines . lull? 

531, ;Donie Petioleuiti 92 
215* Dominion Bridge 7e54< 

144* Uomtar— • 21 - 

12 Dupont- 144, 

16j* PaKsm'ge Nicke.- 30 
691* ;fo*d Motor Can.; t77te 


193 
2 TB 
•IJBO . 
2.75 - 
7.G0 
6.U 
3.5ft 
LO 
ti« 
3.60 
0.41 
13) 
2J33 
5.10 
1.43 
11.50 
LIT*.- 


-f*d e 


-BJ»5 

■Hllft 


ffeo. Property Trust 3 

Hooker— - -.te^.-;!. 

Id Australia. 

{ Inter -Copper 

•iennings ln>lu«Tr>eg-. 
lone* * bayi.il.— . 

. Ijennari Pit ’ ... . > 

i Metals Eti 


t4.10nJ: 

12.90 i+O.Ofr 

13.79 nf+ft.97 

71.90 rt*JU 

two 

10.80 
12.60 
10.27 
13JJS 

11.67 

I2.32«i-flj« 

70.82 


PARIS 


Sept-52 


I 5^*' {'+^ niv.irid: 
j .Pq-.-f — . ; ? - 


AtnpheCfartTt’eJ : £1 

SS-frH 08^ 4.9 

S24r ‘-+.20 - j; 

BOX *+ 7 •'* 


b 


BJLST. Getvtu' 640 
Carreftrar.-. -TteZ-_7 LB62 

UQ.K. — 

c.ii.Ataa«i — ..;lom 

the BatacahwL: . , r 
Club Medlter— .J 468 
Credit Com. FPce 122. 
L reneofi Lotoe-te..| ■' 94 
Dum«._ 677T 


Cr«L UcoidentafeJ 

limitsl 


+ 16 ] 4CLfi 7J 
+60 ^ 76 -4.0 

+SjB j sw ao 

+26 !7aBB. 7.0 
+ l4iCJ2 J j H_8 
+ia litH; aa 
+.0*1 12 9.8 

4 2 

+2 32.76 5.0 

>UjUWiolS 
w |+14 ^.SSj 2.9 

6U-+0J , 5.71 u 

fraquea Herald- -l?l.ff+T53 f - l - 
; +lJI 1S.7T, 7;4 


$ 


-0-B3 

-SJJ6 

1-0-02 

-ajfr 

48.61 


■-SaiiSliSlSK^z::: 

Myei CmpKfum-— 

News — 

Ni.-bo.as international-.-.: |UW 
.V-riryriit*ea H'dlngaflO r 11.43 

DaauAilw.-.-. tl.84 

I DU •'eafufa 10.13 


—6.01 

-M2 


iZJO 

1ffl5 

ti.14 

+l!lO 

40.42 

10.45 

12.40 

♦1.61 

..ta.so 

10^8 


-0.01 

-0.03 

-OJK 


hfl.02 

r 

;j+tw 

i-i!S 

—tna 

Ufliifi 


ateK.22 


Fn-i — 


+ DiT. Yw. 
% 


•uor Eipioratioo — 

rtctwCoarete — J 

He-fisv ft Co*njan.— — .-.1 

8.4.dte*b 

-ouqpand Mining i.,« 

WaitoMUi— 


25s* iGenstar.— — . 
10s* UtantYeTwbnile.' 
26 jUuir D11 Canada.; 
5 !Haw kerdld.Can.i 

29 iHo( linger I 

.37 ;Hi.nne Oil ‘A* * 

15<* lUudsoa Hsj Mnai 
16l* Hudaon ttar— 
401, .Hodeoa Oil ft G**i 

17 ;ljk.C ! 

274, ilmaeco.— — 

IBS* [Imperial Oil ! 

ISte ilneo | 


327* 
IBS* 
33 1? 

401? 

401* 

201 * 

2 Co* 

421? 

21 

57 

224, 

19T* 


Bi* ilnilal 1 MSI* 

94* flnland Nal.Gas..; till- 
13te ilni’pLV. Pipe Line: 17i? 
15 idalser Uraouicesl 
67* Lfton Fin. Corp.. 

3.25 :Lobtaw Com. -a 1 .! 

134, [llcmii'n Uloedl-.i 
97* ' Massey Femuoni 

20 1* iUcJntyre.— ; 

284, IMnore'Carpn— ..' 

1.90 (MounuuuhateKsj 
21 iNonmla Mme>... 

143, 'Aomen Energy-.' 

15s* l\uin. Telecom...! 

14 [NunmoOil A Gs*; 

3.58 luakwood PetrTmj 
1.39 [Paciflt- Copper 11. j 


147* 

o 

4.15 

23 

15te 

26 

651? 

2.90 

a34, 

161? 

371? 

294* 

9.40 

1.85 


71* Timrtya! ;.teJ 

67* ilniieij Hrudav-i- 


7ift 

, 127* ■ 

BO'* La Hanecirpi.— .! 511* 
21i* :U5 Gvpnum.-.teJ 29Sa 
.k? Sh 5e.. —.! ^65* 


325* i 25i* ;CS steel'. {• Rbi* 

SI? • Ln 1'eelisoiogm.i 434, 

inSi tr V '"auariea.-^ 2 IS* 

IBs* 156* IVirfcim. K-ea. J l^ifi 


23 1; 

14i* 

231? 

73te 

2i4* 

24 

151* 

SCI? 

57* 

291, 

22 

22 


271. •nepuiMin, Qieei... n 

*Ti*,J, m ^ wwr 42S| j igQ f 1S!| jj B1 , 


■Poiamid — 

IMi-mee KI+- 

PPG ln>liistne»..' 
I'rwut Uhml.i«— 
Pni< Set Eie%i..„ 

Piiitnsn 

.Iliitk ...... 

iVu>!>er (tela 

(■'"V* -1 Am“i *csn.. 

H*\the.ill 

•HI. A 

jKepuMHi. aieeJ... 


L 


161* ;Wal(*reen... , !^!!n!; 

29 te IV arner'-ComniiiO 
vS? 8 . l J. arn * r - Lamhctt; 
ill 8 , Man'mantl 
24i, <1)..iiy| Rr |i 0 

39 j* ‘‘lefiern BanounJ 

’J CTierh N . .Vnier| 6 5 
.ft'larn (. mm— •■] 12te 
:’‘t>iuig».> t'letj a 15* 

•' (ittw. - <6i, 

. ,v e>«rliani*er 89te 

,v l'ir.pi>;.. — I 

■ *ntf C0R.'lnn..| 

16’i .dli'iam Ct>- { 

*19? |n lacoxuin Sleet..' 


281? 
493, 
273c 
87 is 
291* 
13* 


»I>? 

kOte 

28 


44 ; 

401, 

193, 

6.Uu < 

2.12 ; 

253 4 

20 

19 

2.40 ! 
195, ■ 
141? ' 
387* 1 
357, 

20 ’j 

101, , 
31T* 
173, , 

.; 

36 L? 
7ig 
2?! 8 
4.00 
49 is , 
223* 
IBS* 
10l« • 
13te 
161 * 
0U . 
383, 
ISte 
ao 1? 


331? [PaeiflcPstwhtum! 363, 

31i, -Pan. Can. Pet'm. o34, 

. 63,. ! Patino ' IBI* 

3.8o , Peoples Depc &— • a U 
0.80 ; Place Can. i Oil. 1 1.82 
19l« jPlacerDereloprar; 25 6* 
97, .PowerCorporat’n. 191, 

101* .Pin*-.-.—. ! - 

1.03 iQiicure btingscwi! 

12s* jlianger Uil ! 

8 ito&M 5 ten house.., 

Z43, RiuAlgtxn * 

25te- tKnra! Bs.tr! Can. 1 
15 IRoyai Truai. 1 


173, 
2 30 
177* 
Ui* 
374* 
3&1? 
19 


l hold e im-, 

Lao .T..C £»—. 
\jteaiBai;F:.iOC 
IMbTfFi. 1C’.... 
Isjrotsmk i'F:.2Cr- 

Ji?antort. . ..... 

Bokall'ex c.p.iCv 
duhrm Tei '.erode, 
E serier V ,F^£v 
c-nrje.N.V. Beaier 
ourCemlatiP..-" 
'.Tina 1 Brtce-iesFi 
He'neien 1 F •. iv. 
Hyigorem ip Jr: 
lidDita O..V. ..<£.• 
rt.l-NL f .. ICC-., 
m- Mu.icr il?ui. 
Aiar.ien if i. ;j... 
Ntei .Neillm F ..ic»i 
AedCredhs'Fi^C 
Vfti UjdUk'Pi^G). 

'-•or •. tiUtfo — 

n — ... 

l au Ummeren.... 

Pal. hoed (F^G) 

Philips- iFi- ICi— : 
KjnaehVertFLlCO 

•Ii<ieco iPi^O) 

iluiinco tFi^Q — ! 
u. -ren to (FLsCO, 


% j Wertera ttiniiig ft6'*n 
1 Wrwwnwh? | 


=*»P». 22 


118.0+2.8^28:4.8, . . 

3ao+0.3 - - ; TOKYO f 

381.5 -«-3.5-425o 7.5' *■ 

91.7 *1.2. 5 j 5.4; 

• 81-4 + 1.2 5.5 

99^ i-0.3 
lo2 *2 
74.3 — G.3 __ 

306 ^10 37.& 1.8 . UQl ° ‘-t- 

142xa— 1 37.51 5.3 

72 +3.0 94.5 4.B 


10.53 

tl.88 

1236 

10.70 

t0.40- 

10.43 

11.95 

tfKSl 

11.82 

tl.75 


.'sss- m \ m * i ' • »v.rri 7.4 
boreal-. — ^l -7Bl. +23 :1SJ7 2.1 
*fp»ad — _ *— ,1.835 ^ + 30 aa.7B! 2D 
Maiaona PhenbC, ■ 889 il . fut 1? 
MlcbcHn-'“B" -.-j 1,830' i+30 Ws fri 2.4 

Moet Jm n wa q- te 662 . j+ffl. IwJ 3:3 

M«JJiney— J37.0;+4JJt: 

Pa+ttis*-- 1 lasift+an > 

»5»->Z3s-Sb?J 4 j 7 
^TWxLKfand 274.1+5-1 jo 
P» ttfB^C1teira^-47» . : .+tt 17J 
ttmttur K-916 i- - ' — 

itodbotote— .— 5 623 1 jn 

M«e. PddttiaFiLbtitor+ta'i 9 
■du GomIo.,- 1 —.1 16LB + 14 'laj 
dlrta Hcn^gnol -.711,775 ' [39 


YIENNAl v • 


Creditaimah 

PftrmooMtr 

-tdneea-. 
■«npeal^-^i 

awasi. 



9 U : 10 I BJ» - 

WR-.&. ' 9a ! 3.3 
«W-'j41 1.38 ! T.7 T 

:0i.!r b ] 3 Tb - 

# l+l - 10 | 4J *- 


I -BRAZIL 


’Prices 

Yen 


26 5.£ 


4-ot ‘ Div.TId, 

~ * 1 s 


82* W 

36 7-0 ■ 


; Chlnun r. 

. Dai Nlppan Print 

M.6^0.4 

a>s l-rtonria M«wa_.. 


1US.8 -2.2 - 
37.3 + «J.5 ; 
24.1 *0.1 
162J *0.7 
4741+0.1 
30.0*0.5 
1 16.I + 1.2 

67.7! 

209.6— ■ 

172.5—0.5 


x » 2'S 'r-'S* — — — - aso ~i 

S to « 1 L-780 1+80 

£s 4 ? f:A.I*-.te.„tete7.- -a.890 {;.„ 

3? J-. 1 i h*n«i Bw^PwJl.ZSO L.; 

“ '-1 1 Krarntm 1 316 ).... 

3-2 : 4ubot* i 282 1 

10 


- . Uusae Foafte.-..., 1,130 


331 

447 

855 

405 

568 

570 

223 

612 


, LB 
2.5 


19 


;+i 1 14 b .1 

1 + 1 ! 12 ■; 13 
;+5& 25 

! 20 

,+b !:ib 
^■9 -is 

+ 3 r 12 
■ + 2 1 18 
—20 : 35 


:-8 


-10 


1.8 
1.3 

2.7 

1.8 
1.5 

12 I 2.4 
30 [0.8 

13 ! 0.8 


illlil » S:I!5E2S£5WSn;i*-?SS E? 

jo^ + i.o — . - : Mitsubishi BankJ 281 I 


148^ 

44.0 + 1.5 : - _ 

28.1 +0.3. 17 6.1 
74.3 +0.2. - i _ 

176.3 +0.5 A^St 7.3 
142.7 +o.a ! — i — 

- - 184.1-0.3 <9.3; 3.8 

rt-jrai Dutch! FfflC-' 1333d + 1.2 ,34.7;> 8.0 

Jiavenbuq; — , 253.0 j 20 1 7.9 

117 +1.2 27*,' 4.7 


. Mitsubishi BankJ 
Mitsubishi Heavy] 
Miotubiahi Cdrp-f 


lenn Grp tFiJU) 

•■.■ayo PacJJat*.h 

Lnilever (Fl jS3l...! 
liking ltes.<lt.£. 
iTpflM.Ctr.HviAk! 


145.0 l?DJC 0.5 

126.3 +0.9 : 4B.t' 0.8 

41.8 :«.a . . l.i j 

406.0 + 4.0 1 33 | 4.01 


COPENHAGEN 4 


bcpL 22 


Price : + or :DI*. 'flail 
kroner — > “ * 


Indelttantezi— .' 
Dantte Bank— 
Last .Vnatic Co... 
Pi nan A«n sen 

drjriytener 

For. Papir— Z.„. 

UaniieGbank 

D. .Vt bn H.IKrtC! 

NopI Kabei 

0;1efat>nk_._. M .. 
PnvatJbank 
Prorin »ban fc „ 

eph. Beren^+n ' 

Mjperfre..- 


141 ■ 

127 .• ; 

160 +4 
131V + 1? ' 
355 ;+i . 

87i*. +a, ; 

1273,1 ■ 

2901, , 

189 -1 ; 
114la;-te . 

132i,| • 

1301c! ; 

402 : + l? ! 

173 ;+t. 


11 

12 

12 

13 

12 

12 

12 

12 


11 

12 

12 


7.9 

9.5 

7.5 

9.8 
1 5.4 

8^6 

3.7 

6.3 

£o 

7.9 
5.U 

6.9 


281 
121 
. 443 

MJISUI ft Co 306 

Urtaokrehi— — ... 666 
Nippon Denso; — ! 1.600 
Nippon Bbinpsn-! 795 
Nissan Motor, —i 778 
Pioneer— te_—jl;610 
Sanyo Smctric.-.; 242 
itekiaui Prefab —j 926 

sbireirto^: „.!U200 

?un.V... j-. 1.800 ' 1—20 ; 

Caisbo Mannete— I 232 i 

TaKedaCbemica4 403 j+2 

lUK -...12.100 1—10 

>«»ji rr .—.'—I 117 i—l ', 

I'ohyo. Marine... ..I 482 ,_3 1 

JSiectFnwV l , 1 10 - 

• 1 l st 11 ‘ t | 


+ 10 
+ 26 
3' 

1+20 
—2 
i + 2 


I'jUyoasnjo; 

loray-te-...—— .' 

lo-hfba Corp- 1 

loynullotor-....] 


317 

142 :+i , 

131 Ul ; 

880. U 


10 4J 
18.1 2.8 

19 | 2.7 
35 : 0.6 

20 1.4 
W !1.8 
13' 8.0 

15 1.5 
14 . 8.3 
20 1.8 
is : 0.5 
ia;o.e 

16 LO 
48 I JL.8 
12 * 2.5 
30 1.6 
20 ! 0.8 
40.! 1.8 
U • 2.4 

L-15 1J9 
1 3o ; 0.7 
i 10; 4^ 

11 f 1. 
a 3.! 

ia - ;.!.! 

30 ; 3.5 
10 I SJ 
80 U. 


^±j . i ■*?** f+dr.-L'me'yid. 

Lfimtr (Div.j it 




-‘.1L98 XdUIjO J2} 
J.78,hrO.03to.l6f 


(730 

9.24 


'(" Blmm j - _ _ 

deiSeifineJtaOP 1 . ; 1.14 i+OJ2k}.08'7.0l ' ~ 

Loire Ame&OP4 3.66 '!+0JI2j0.20i5.65 " ' " — 

PKt^h^Wte.J.; 235 i— ,lJaX3 6.53 u* . • • „ „ 

PIreBlOf t«8 UOlBW.16 18.01 ... ■* 

IbnaOP -it 2.67 +0!tffi0.22i8.23 - . • • T 

OaipPB^..— ;«S8- +0.WO.254.ZS 
Vale Hip IXiceP^ 1.14 j+OJlto.18 1 16.78 ^ 

- Turnover CtWJm. VoIoim ».7!m " ■ ~ 2^(3 P, 


OSLO 


5oare#; Bio de Janeiro SB. 


' Sept. E2 

thrice f'>far 
Krtrierj^— ■' , 

rvsr. 

Li 

TE 

% 

ifriyn'Hwit , ' L 

..aoo'J-a .1 

1 9 

9.d 





teroditomt., 

113AI-0.5I 

11 

8.8 

(ionmo?-.. 

515.0)— 15Jl| 

so 

< 0 * 

.dra1hJias*en.-te: 

. ii2 ^ i 

-11 

BJ 

.VoodcBydroKreOi 

' w l-ilABl 

i 12 

4.0 

Katmod — 

10Q4)l^dteteJ 

UL 

7.0: 


SPMN^;. 

Sent; n - . 

Aaland 

Banco Bilbao 


- - ' -'D 


• ->S* 


*a r watt 

m . 


.Source. Wkko Securities. Tokyo 

SWITZERLAND « 


Sept. 22 


Price 

Fra. 


STOCKHOLM 


»ep«. 23 


Price | + OT| Div. rid 
Krone I — • Kr. » 


iga An (br.aO)_ 

lira LnreBtKrttM 

l-KA iKr^ft ! 

Utas«Cop«HKr£c. 

lilllqrorl : 

iWwi., 

.'arto— 

iJeilukna- 

diect'ius-B’f Krfii;. 
Wiraaon'EMfraCv 
nssei te “b"..._.,; 

Pager ta 

.iiftiign- ii reel 

dan. I lesbuUien.. . 
Msrabou * 
llo Ocb lluSblb.. 
wnmik 'Vt Ki». 
•K.F.'B’ Kr> ; 

nil tuiildlda... 

an utik'B- Kri 

idehnlm.- 

ii'FniKr. 5S. ...; 


203 +1 

146 +1 
89 1+1 
124 j+1 

65.0> 

115 I 

200 1*2 
247 ;+6 
lZixo-1 

134 ! 

i A I 


! 6-6 . 2.7 

, 5 3.4 

! 5 ' 5.6 

; 6 : 4.8 

4 6.2 


J(4 3.5 

S75 2.9 


306 

10J 

60 

397 

120 

68 

258 

72 

174 


+ 1 
-3 
+ 5 


10 
:-6.3 
■' 5 

. 9.6 
. 4 
I — 

; 16 
a 


+ or 


+30 

^5'“' 
—2 _ 
-5 
-6 
+ 5 


"biv-frw. 
% % 


8 

lO 

B2T 

22 

22 

16 

10 

5 


A rumiartnu —.—<1.0 LB 

--- , BBC'A’..— i 1.670 

I ICIbalieurFr.lOD 905 
Do. -.nut Cert .■ 695 

Do. Kea ! 658 

Credit Suisse :Z,2O0 

Kimrewatt 1,860 
Pitcher (George) ^ 640 
Uoffman PtCerts.i64.0OO [ + 2501 II 1ft-! L? 
Do. (bmttq.— ..;6.425 |+60 [110 I i.7 

lnterfWhlB 3.800 1 ' 

J elcra'3 ffti WO) .. 1 1 ,460 
.Nestle (tr. WO} ...]3.T6Q 

Do. Keg... ; 2.205 

. , .Jertilion8(FJl50||2,666 

2-B PireiU dlP(F.lOO)! 298 
5-1 1 iandat (Fr.25^ -3,430 
4 - 7 Du PanCterts-j 380 
3.2 ! xdilmLerCt &0Q 265 
4.0 1 ■ Hirer Cr (PrJOO) 304- 
wlssalr (Ft. 6eO) I 786 


: 20 

^—5 .21 

-80 n8SJ 

Ia8B.7! 

+ 20 T 15 
+ 1' .15 

1-20 !- 26 
26 

1-5 I 18 
+4 j 14 
+ 3 I LO 
+ 1 10 
_ h26 j 14 

J f'jjf! §-2 j 4unoh Ini — 1 11,600 |— 200] 44 

......... 6.3| - ' . 1 . * I 

.J T i _ ; 8-4.b 


4.0 | iwlas Bna fFr-STj 367 


■9 I a ; 6.7 ! awtrefReUFrJbOl'ABOO 

■ r i '■ nlon Hant__-...!3iU0 


SJ» 

SB 

2.4 

3.1 

3J9 

3.6 

2.7 
4.6 


2.6 

1-5 

2.7 

5.9 

1.4 
8.0 
1J9 

3.4 
4.6 
4.6 


2.7 

B.l 

■5-3 

1.9 


65.0j— 0.5 ! 6 7.7 i 


|6 j MILAN 

86.0| * 2.5 1 6 ; 7.0 

BRUSSELS/LUXEMBOURG "" “ 


■*epi. 22 


; 'Dir . 1 
Pn * . +W ; Fra. V-e. 


'6J, 1 loeptre B'aouroeai -7s? 

22>s idaigrams...-. I 29J? 

13S* • ihel 1 Canada ' i4s? 

4.30 1 ’herriti G. Mines' 7 1* 

225* _ -leben* O. G J 3«5a 

4.30 "impstn .; ' 61, 

22Sfl , traiii Una.!*... s-6U 
2.3U (eop Roefa Iron..: 4.00 
34 : [esawCuMilB.,.. ^8 

16i* , LVironloDbm.Bk- iOJ, 
13>4 <lnu«Csn Pijit-Li l /i a . 
0 s i 'imPiMouni Ui>i! cij 

ra ;tn-ei* 1 »l;i 3 

10 L'munGis. jl?, 

7 iilt-i. "Ij-lvc lime, I 
B8J* 'iVdler H»nun... 

10'S '.Vest Luti.1 I re nr 
131, , 'I’pctun 


**l 

C 6 In 

l£ 

rate 


(Bid. JAriced. 1 Traded. !Mv Slock 


Kn 


— i 


Mt>w — ... 2,480 

derkert "B*' 2.490 

^ .H.K. Cement ...: lj< 60 

-uctcrili ; son 

tBto 2.515 

Kleotrntieii 6 l840 

Plabruiue N’at— ..;'2.940 

ff.B. Imre-Bm 2,420 

Gevaert 1.600 

ffttLfBmx Li 1.630 

Hobnien 2.850 

Inietcum— ......... 1,798 

MCDietiaiiii 7.1SU 

1 f l&Tli'e Beige- 5.880 

ran Hnallnu '2.970 . 

Pei i< dim 3.790 

Gen. Haiuju, 3.100 
■w ('W.i Beimuiif 2.0 is 

Daiiia-r ; 3.220 

1 3.615 

• nK.imn b.mi- . 2.s7s 

-Ci 1.258 

tii Mm. ilrl-u . ... B84 
-i iei.if Montagne-1.945 




116 j 4.7 
100 1 7.9 


—5 
J - 15 
— 2 

;+10 ,177 
*30 430 
—5 170 

>15 ;i50 
+6 , 86 
I—® .164*:io!i 
.-‘•80 :170 6,0 

! 142 . 7.9 

-10 .290 4.0 
.+50 ..gas: 5.5 
■ &a.sa: 3.6 

— 10 lfikr * 4.7 
-ao '205 . 6.6 



! Pnce 
.-Lire ' 

+ nr 

AMU.-ii-ste.tete. 

dantOBTl 

-111- 
"687 
3.080 
8,-370- 
• £12. 

+ 1 . 

+ 84 
+ 10H 
+•100! 
+ 1 

IhllMri- * 

r'ln<tiier_.._-— ._ 


Oiv.'Yln. 
Lire- * 




, Italoenwnt— 
_ I italrawr— . 
7.8 “Mlbhaara 

6.5 1 MontfiUsMi-. 


I 5.8 

i 6.2 
5.7 



.+ 7 


+8Q0I1 


.J.icfitti edf-Mi+aua 
Pirelli & Cdy.~.J 8,096 
Pirelli -Spa..— . ...1 1, 108 
mla rUcoaa-IjJlOfiQ 


1 + 7 [ -| ^ 
1 + 55 


Banco. AH jmdeo . U.B09} S5 

Banco Central — • 3W 

Banco Exterior _za-_. 

Banco General 2» 

Banco Granada CLOW) 

Banco. Ntepano'— —te 
Baneo Ind. Cat. (UH) 

B-.lnd. u edlterrawm. — 

Banco Popular 

Banco Santander. (250) 

Banco DrqsDe (lj»o>. 

Banco Vteca^a 
Banco zaraco&um — 

Bankunkra . r — . 

Banna Andsdocia 

Babcock Wilcox — ..... 

CUC ..... 

Drags do, 

Imr mhanlf _ 

B. L Arogdnesu 

Espanola -zinc. 

BxpL RJo Tinto- — . 

fPeoa iLBOO) 

Fawns (1.000). 

GaL ■ Predados 


14k i . — 


3*7 


-264- 
253 ' 
277 '. 
X9B 

'MB -V 

ar.‘: 

82 

ztt •• 
,72- 
5UJ5 
104 - 

39 


+ I 

+1 .^scla- ?,* 


+ « 


+ 1 

«*.*■ 


+ 3 


Grupo Velazoues (490V 

Hidrol* 

Iberdnero 


.75 

IbS 

n . 

S3 

1M 


otc 


r 5." 


te_! 3 


Ofarra 

Papeloras RonnMflfi ... 

PetroHber ■ J24 

Petrdeos .te. 198 

Barrio Papatera N 

Sidace 47 

Soittflsa. . in 

TVieftwlca -1*25 


Torraa Hostench 
Tlbacex 


/.-US ;... — ...V" 

-«.B .. ■ ? ! 

+1 v-\V-s-- - ^ 

+.3- . T’V... 

+ 1 . 

‘ ’ 

*‘ c «-»on arr 




Onion . Else. 


HONG KONG 


Hong Kang 3 ‘ 


szfeepi-U 


A im UtsJ H Meri Robber- > 12.40- 

Uheung 1 18.00 


wims Iftgiit si Power [ tSJSQ 

Cosmopolitan Properties..! ;J«8 \-.zr~. 
Urues Harbon Tunnel— ...ilO^OrijllLw 
8 . A«ia N>Tigation-..,„_.j 5.W‘ 
fiU| Hwi; H»ptr ■' - . llPT'JjHI 

tiuug- Auwesltte „.| 

Bong Kong H Settle. 6.50 

Q ong Long Kowloon W bafl, S 1-2 5 

Hong -Kaon land., 11.40 

Hung Kongdh&ngbu Bank| 19-50 
BrngKomrBlMiiKhaJ Both (19-60 
Bong Kong Tela^tmn. '—I 33^0 
tiuiduMn IVtuunpQ, • ;. J- '8.10 
JftnUne' Matheron— ..te_J Jfi-60 

Jarrline riera i 7.75 

JFen’TTotM DeretopmeDk 2.675 

•Rubber -Trust ' 

iitue Darby— 


2.68 .. 
12^0 Wi. ' 
3DJ85 -■:•■ 


. 5.25 
.168.00 '-. _ 

33.25;:',! ’ - : 


‘—y.it 

- U 
r - 


jouthn. Pao, .erejfc . 
w»th»ft4jr«£lkL. ’ 


wire Pm+rio A 




13.60, 

7^0 

10.76 

"5SB: 


i**®° -iih. 

19-808-"i>. 1 '‘ISS 

ftWB -.-j; 

'' ' ■ ^ ^ 

0.7B. .;*v. ; 

jdSff'U- '*=: :!. r.y". 


UJ 6.Z HMflHtA-J rf5>g 1. 

80 - 7.8 : w lnw.r IraluelHai 3136' f r -* 

-■ Barar'.. "> ^ " . CO : v-J 

;4 u* Be«iaA r. v;^:- a 

— 7-» r , • " : --sSv.4 

ID *V. 


dd Ba-dmaeaa* ■' uu?er 

- ^MD'Bnsmniea:: 




NOTES j -Orerseafl prices esdoda- £ prominni. 
withirotatn* uut.i " te. 

♦ D MM/<teng». unteas oflwmrtee jtttwt fl Pt?sJ» chuwm. mdres ftt&en^ L 
— — . a.o '2^^*^, 0 *. ft""- "a** onj^TW^Siawo.. *.PrsJ» denom. . 

140 ■ m : *ber*ne aatett^. 2 yen x nermn. mitess otberNwe Matpd. * Price at, ^ 11 

— 5 213 ■ *7 3uai«*iBUIia. - ^O.Klertns. ■ • O Sctulilntsi- -"'r r>nfi> -rffiiiMMj *- 

A S '.12.101 e!a 

*20 1170 1 6.6 
+ 48 ‘ — ' _ 

1 &C 5.6 
+ 60 1 — 1 _ 


- v 

* wndfng •> ^ ' rs*,-, 

‘ree.te i *2*^! 

‘5 v : 5?- is 


_ ; J -daily 


suanmsioa - ro/Menns. • P SrtuiiinB*. 'i' r Ceuta.. V-ffivMeBd afief wwllts , 
anchor «3Tp issue. c F er share, t Knots. oGrrau dip. %. hAasunH 
alter senp. aaAtat rights, mot fc Anw load taxes, in % tea free.- 
tnrlndioB; OnBac dtf- P Nom. ' a.Slwce soul « Dtv. and yield 

oarmeirt. -r Infll^ied. dlv n UnoffltlajiTritdmg, viMdlnority boUgn' .., ,, .. _ 

Bending. -.A«hri 1i«W. iTeattea. .:.t Seller. 1 Assumed -rr Kxr Habts. "*tfi*f.ii '“ir-. ' -. tr ” 
dividend. -,*c E*-.«cni» .ttttw.. « iniertio stoct loo^reed/ - - — L 2 l '^ v - -if. ^ -X 

4 ' • • . • 53 K --•Go. 



is.. 


% 


. ' £■- ■ 





- .. 


« ^ Monday Septerm!&er -K 29T5 


NTM£MTS 



;• %*. 

• .■'■ '--f! "! 

■* l K 


Roland Smith to head 

:w 

Silentnight Holdings 


New chairman takes over at 
Empire stores (Bradford) 


ir? (ofessor Roland Smith, deputy 
*"■• *man a£ SILENTN !GHT 
: DINGS, is to become chair- 

■ ;i fc on Octnber 9. He will succeed 
. . -.%-r. Clarke, who b> reiinquish- 
position but \% tli remain 
r - , n-exeruiive director. 

•sjj. e company states that the 
^ se is part of the planned 
lopmcnt of the group. Mr. 
^ N.ce and his family do not 
;; to make any sisnlOcant 

.^■iation of their shareholdings 
••-.■jt c company in the foreseeable 
ts. 

■ »■, 

p *T 

• ; j. e. Beer Is to Join the 

d of SHORT LOAN AND 
TGAGE COMPANY. 

* 

. [ERICA N EXPRESS COW- 
Y has made the following 
: .ses in its Travel Related 

?ces Group: Mr. Louis V. 
'• . "-.ner Jr. president of the eard 
. on and executive vice- 
dent of the parent company, 
nos president-travel related 
"• res. He succeeds Mr. George 
'aters, who. as executive vke- 
• *• li-.der.t of American Express, 

^ n ‘ become the senior executive 
• - ■’•nssble for the office of 
- T ’ ?c«c development. In adrti- 
‘ Mr. Waters will be vice- 

-•>.mnn of the board of each 


of the TRS divisions and chair- 
man of the executive committee 
of Payment Systems Inc. and 
American Express Publishing 
Corporation. Mr. Aldo JPapone 
has been appointed president or 
the card division and Mr. Fred B. 
Petera will take over the 
presidency of the travel division 
and will be elected a senior vice- 
president of the parent organisa- 
tion. Mr. Toraasso Zanzotto has 
been made vice-president. Europe. 
Middle East, and Africa; travel 
division, and Mr. R. A. Linke will 
bo vice-president, retail travel. 
UK. Ireland. Denmark and South 
Africa. 

The appointments of Mr. 
Zanrotto and Mr. Unite take 
effect immediately. AH others 
are from January 1; 1979-. - - 
* 

The Home Secretary has 
appointed Miss Beryl P. Cooper, 
QC. ns an additional member of 
CRIMINAL IN.rURIES COMPEN- 
SATION BOARD. 

Mr. David Spearing, director of 
highways planning and manage- 
ment. Department of Transport, 
is to be regional director, eastern 
region of the DEPARTMENTS OP 
THE ENVIRONMENT AND 
TRANSPORT, and chairman of 
the EAST ANGLIA ECONOMIC 


PLANNING BOARD from October 
lfi. He will succeed Mr. Howard 
Marshall who is to become head 
of the driver and vehicle licensing 
directorate. . 

★ 

Mr. William Havers has been 
appointed refinery director at the 
AMOCO (UK) Milford Haven 
refinery, Wales. He joins the 
Board of that company succeed- 
ing Dr. Malcolm Nlckson, who has 
become chief executive of the 
International Synthetic Rubber 
Company. 

* 

European Asian Bank baa 
appointed Mr. Rohan Courtney as 
managing director of EUROPEAN 
ASIAN FINANCE (HONGKONG). 
He was formerly with Amex Bank. 
* 

The following members of 
Cement-Roadstone Holdings group 
have joined the J. and W. 
HENDERSON (HOLDINGS) 
Board: Mr. Andrew Tear*. Mr. 
Prank Van Ncrrhos and Mr. 
Rryan Hill. Lord Milne has re- 
signed from the Board. 

★ 

Mr. T. W. Turner has been 
appointed a director of EXECU- 
TIVE SEARCH. Ho joins tho 
company from Ranks Ho vis 
McDougalL 


Mr. John Grstwick. a director of 
EMPIRE STORES (BRADFORD) 
for five- years and vice chairman 
for the past four years, has taken 
over as chairman. He succeeds 
Mr. C. T. Wells, who has retired 
from the Board. 

* 

Mr. Tony Griffiths has been 
appointed managing director of 
MOTTE.NSHEAD AND SMITH, a 
subsidiary of Leigh Interests. 

* 

Mr. P. C Warner has been 
appointed head of corporate 
engineering at NORTHERN 
ENGINEERING INDUSTRIES, 
responsible .to the group manag- 
ing director and in an advisory 
capacity to the executive 
directors. 

■* 

Mr. S. Gonldlng has been 
appointed financial director of 
JOHNSTONE AND CUMBERS, a 
Horse 1J company. 

* 

Mr. WIIHam R. Arthur has 
succeeded Mr. Harry B. Anderson 
as chairman and chief executive 
officer of MERRILL LYNCH 
INTERNATIONAL INC. Mr. J. 
Arthur Urdnoli replaces Mr. 
Arthur as president and chief 
admlnlslrativc officer. Mr. 
Frederick J. Sears, executive vice- 
president of Merrill Lynch Inter- 
national and Co., in the Paris 


office, 'has also been elected 
executive nee- president of Merrill 
Lynch International Inc. Mr. 
Michele Pplsios. formerly Euro- 
pean regional director. Paris 
office, has become executive vice- 
president for offices. 'market big of 
Merrill - Lynch International and 
Co. Mr- Potsios, as well as Mr. 
Milan C Kemo, executive vice- 
president — capital markets of 
Merrill Lynch International and 
Co. and 1 chairman of the Inter- 
national Banking Group, with 
headquarters in London, have 
been made directors of Merrill 
Lynch International and Co. 

★ 

Hr. Sidney Jerome bas been 
ap pointe d to the Board of the 
MATFIELD PRESS from October 1 
with special responsibility for 
sales. 

★ 

Mr. John M. Rhine has been 
appointed president of RINNE 
INC., which was- formed in June 
this year with offices in London, 
San Francisco and Caracas to 
provide/ specialist construction 
management services for Offshore 
projects. Mr. Edward Rinue, Mr. 
John Rfnne and Mr. Stanley Rinue 
arc employed by the new com- 
pany as outside directors; 

- -Jr 

Mr. Charles F. Trapp, for the 
last two years president of the 


industrial power transmission 
division, Dana Corporation, bas 
been promoted to senior > vice- 
president — administration for the 
DANA-INDUSTRIAL GROUP, a 
newly-created position. 

.* 

Mr. J. P. Sykes of PA Manage- 
ment Consultants will be joining 
BOOKER MCCONNELL on 
October 1 in the newly-created 
post of group personnel adviser. 
★ 

Mr. Kenneth Grange, Penta- 
gram's industrial design partner, 
has been retained by the DESIGN 
COUNCIL as special adviser for 
its industrial design. 

* 

OLIVETTI CORPORATION OF 
AMERICA has named Mr. 
Nathaniel Samuels as its presi- 
dent. He is a former wider 
secretary of the U.S. Treasury, 
and is at present vice-president 
of Kuhn Loeb Lehman Brothers 
International and President of 
the Louis Dreyful Holding Com- 
pany. Mr. Carlo de Bmedettt, 
vice-president and managing 
director the Olivetti parent com- 
pany, has become vice-president 
of the U.S. unit. 

* 

Mr. Cbristoper Keeley has been 
appointed a director of the 
MOORGATE INVESTMENT COM- 
PANY. 


FINANCIAL TIMES STOCK INDICES 



ID am 522.0. 11 am 522J. Noon 522.0. 1 cm 520.8. 

S Dm 5S0.4. 3 am 619.5. ‘L. 

Latest Index U-Mfc WGfc. 

■ Based on SI per cent corporation tar. t Nil— 8.7S. 

Basis toe Govt. Secs. 15/10/26. Fixed Ini. 1028. lad. Ord. 1/7/35. Gold 1 
Mines 13/V/ML SE Activity July- Dec. JM3. ■ ' .T. 


HIGHS AND LOWS 


S-E. ACTIVITY 



Sir John Spencer Wills forecasts another record year 


EXTRACTS FROM THE CHAIRMAN'S 
ANNUAL REVIEW 


. „ The following are extracts from the Review of the Chairman, Sir 
John Spencer Wills, which has been circulated with die Report 
' and Accounts for the year ended 31st March 1378. ' 

- Accounts 

~~ The pre-tax profit for the year to 31st March 1978 r at£870 
. million, was a new record, being an increase of 21 ‘2 per cent on 

- the previous year's profit of £55-3 milfion. 

r”: The Group's performance can be summarised briefly in the 

- following paragraphs. .— . \ 

- - Humphries Holdings, and Murphy Bros., after their problems 
' and difficulties of the past three yeans, both returned to profit 

- Ra-Chem international incurred another loss but rt was a touch 

reduced one, and this subsidiary looks set to earn a profit In the 

current year. The improvements in each of these three.'qora- 
_• - - parries reflect much hard work on the part of their managements. 

" Good results were -achieved by United Transport, Thames 
,.;i Television and the printing and publishing companies, AfiSds 
:j.:L Press Holdings and Electrical Press. J 

— Rediffusion made progress in its main business of the cental and 
sale of television sets in the United Kingdom but, regrettably, 

\ , . this progress was outweighed by continued heavy losses in 

- •■-. Hong Kong and by problems at Redifon's telecommunications 

and systems simulation divisions. » 

B.E.T/s other operating interests, taken together, increased 
their contribution to Group profit by some 10 tier cent 

Printing and Publishing 

The publishing companies continued thesir healthy growth. Tn& 
.. . * " pre-tax profits of Argus Pres Holdings for its year ended 31st 
December 1977, at £1,289,000, exceeded those of 1976 by 
■ £355,000, and the pre-tax profits of Electrical Press for its year 
■"TC" to 31 st March 1978, of £432,000 showed an increase of £115,000. 
The purchase, in October 1977, of the Reading Newspaper 
i ' Company and of a controlling interest in the Bracknell News- 

- - ■ pa per Company has taken us into prosperous areas of Berkshire. 

_ . . We now have four flourishing weekly newspaper groups in 

.. % i London and surrounding counties. 

The number of magazines and journals published by the whole 
. . group has increased from 47 to 53. 

The prospects for the current year are good and further growth 
in the profits of the publishing group should be realised. 

•• Canadian Motorways 

; The Canadian Government's anti-inflation measures further 
affected profit margins with the result that the sterling equrva- 
.. lent of Canadian Motorways' pre-tax profit for the year to 31st 
*• December 1977 amounted to only £1 - 29 million, compared with 
- the £1 -48 million of 1976. 

• During the year, two new terminals were constructed at 
Vancouver and Saskatoon to provide for future development,^- 
and the equivalent of some £3 million was spent on maintaining 
■"-* the quality of Canadian Motorways’ fleet. 

In the shorter term, the present gloomy business outlook In 
Canada and the severe weather conditions experienced in the 
first quarter of 1978, mean that we must expect this year's . 
profits to be lower than those of 1977. 

v Reclamation and Disposal 

Reclamation and Disposal made further progress - during 1977. 
Under difficult trading Conditions, a pre-tax profit of £127,000 
was earned compared with the loss of £79,000 incurred in 1978. 

' ; Biffa . Holdings, the general industrial waste disposal subsidiary, 
had another satisfactory year and achieved a record profit of . 
"■/ £273,000, before tax, as against £231,000 in the previous year.; 

y Reclamation and Disposal's other operating subsidiary, Re-Chem 
$0- international, reduced the loss ft incurred to £141,000, as com- 
.- pared with £295,000 in 1976. The Fawley toxic waste treatment 
centra is now fully operational and this plant, and the two -, 
existing centres at Pontypool and Roughmute, are steadily 
improving their productivity. . .. . . 

; Humphries Holdings 

The return to profit of Humphries Holdings was achieved in the 
year ended 31st March 1978, when the company earned a pro- 
.. . tax profit Of £260,000. In the previous year there was a loss of 
•; £35,000. 

. The largest contributor to tha improvement in the group's- 
results was again Humphries Film Laboratories where the 
previous year's very much reduced Joss of £148,000 was turned 
into a profit of £230,000;. On the other hand/ there was a dig-* 
appointing increase to £288,000 in. the loss at Mote-Richardson 
(Stage & Studio Engineering), compared with the 1976/1977 
‘ toss of £148,000, due. largely to work carried out on major con- 

- tracts entered into on unsatisfactory terms in earlier years. 

-V;; United Transport 

/ United Transport's profits, before tax, for die year 1977, oom- . 
with the results for 1976, showed an Increase of over ; ■ 
- .. £4 million tia £19-88 million. ' . - , 

» ‘ _• .The United Kingddm r tran^ort - sector produced improved; 


results. The road tanker operations did well throughout 1977 
but the heavy haulage sector continued to be affected by a 
decline in the level of activity at home. However, expansion 
overseas went a long way towards offsetting the fall in the 
heavy haulage sector's profits compared with the previous year. 
The principal manufacturing companies had an excellent year 
and increased their profits. 

Of the increase of just over £4 million in the United Transport 
group's pre-tax profit for 1977, the overseas operations 
accounted for some £3 million. 

The South African road passenger and freight operations 
reported substantial improvements despite economic 
conditions in that country. Since the end of the year under 
' review, the Minister of Transport, after holding ah enquiry, 
decided that the transport licences of one of United Transport's. 
75 per cent owned subsidiaries, African Bus Service Pretoria - 
(PtyLsshould, in the interests of rationalisation, be transferred 
t& another operator in the Pretoria area. Agreement. was sub- 
sequently reached for the sale of the assets of African Bus 
Service Pretoria to the other operator for a cash sum equivalent 
to £8 million. The consent of the South African exchange 
control authorities has been obtained for United. Transport to 
repatriate its share of the proceeds of this sale amounting, .to 
approximately £5-7 million after local taxes. 

In Europe, particularly Belgium and Holland, there was a con* 
traction in the level of demand and competitive pressures 
resulted in a narrowing of operating margins. Profits in 
Germany, however, improved and a further extension of 
’bcilities there is proposed. . 

(Tie demand for air freight forwarding facilities continues to 
expand* Such is the growth in the requirements for cargo 
charter flights that United Transport has extended its interests 
to indude that of an air freight carrier, having recently pur- 
chased a Boeing 707-320C freight aircraft. 

Trading in the current year has so far been on a par with the 
comparable period of 1977, but the loss of a half-year's share of 
profits from African Bus Service Pretoria, consequent upon the 
sale of that undertaking, could mean that the profits of the 
United Transport group for the whole of this year may not 
match those of 1977. 

Advance Laundries 

After more than doubling profits over the two preceding years. 
Advance Laundries did not manage a further increase Jn results 
-In! 1977, Instead it narrowly failed,, by some £100,000, to match 
the record pre-tax profits of £3-45 million of 1976. 

The chief reasons for the virtual standstill in profits were a fall in 
the volume of business, caused mainly by cancellations of 
contracts, particularly for workwear, owing to a number of 
..customers having either dosed down or cut back their 
. businesses,. and. other cancellations due to price competition. 
With the recent increase in industrial activity. Advance 
Laundries is replacing much of this lost volume of business. 

Profits for 1978 as a whole are not expected to differ greatly 
"from the £3-35 million earned in 1977. 

Rediffusion Television 

'The pre-tax profits of Rediffusion Talevision for the year ended 
"29th July 1977, inducting the whole of the profits of Thames 
Television for Its year to 30th June 1977, were £11-6 million, 
compared with £8-95 million for the previous twelve months. 
Thames Television's increase in profits was due to a consider- 
able improvement in advertisement revenue, and a continuing 
'improvement in the sale of its programmes overseas. The 
profits, after tax and minority interests, of Redrffusion Tele- 
vision, ’which has a 50 per cent interest in Thames Television, 
were £3-66 million compared with £3*05 million for the previous 
year. " 

Thames Television's revenue from advertisements and sales of 
programmes has continued to improve and there will be a 
further increase in the company's profits for its year ended 
30th June 1978. This improvement will be reflected in 


Summary of Results 


PROFIT BEFORE TAXATION 
TAXATION 

PROFIT AFTER TAXATION AND 
MINORITY INTERESTS 
DEFERRED ORDINARY DIVIDENDS 

Earnings per 25p Deferred Ordinary Share 
Dividends per Deferred Ordinary Share 



Rediffusion Television's accounts to 29th July 1978, which will 
be co'nspjidated in B.E.T.'s Accounts forthe current year. — 

Rediffusion Holdings 

Compared with the pre-tax loss of £2*24 million incurred in the 
previous twelve months to 31st March 1977, Rediffusion 
Holdings incurred a loss of £100,000 in the year to 31st March 
1978,"’ 

During tha year under review, Redrffusion Holdings capitalised 
the loans which B.E.T. had made to it in connection with the 
building development programme of its subsidiary, Wembley 
Stadturh. 

Wembley Stadium reported a reduced loss for the year, com- 
pared with the (irevious year, as the result of, first, the receipt of 
a full twelve months' rent from the new office block and, 

■ secondly, the making interest-free, as front 1st September 1 977, 
of financa, provided ..by Rediffusion Holdings for Wembley 
Stadium's development programme. 

During the year, Wembley Stadium was advised of the require- 
ments of th.e Greater London Council, under the terms of the 
Safety of Spoils Grounds Act 1975; to enable the company to 
maintain the maximum capacity of the Stadium, it is currently 
estimated that the total cost of these works win exceed £1*9 
million. It is regrettable that the company should be confronted 
with this tremendous drain on its resources without any 
recourse to public funds or indeed financial assistance similar to 
that enjoyed .by certain football clubs liable for expenditure 
under the Act. 

Rediffusiorf Holdings' other main operating subsidiary, Welport 
Limited, which provides film and dosed dreurt television enter- 
tainment op ships and aircraft, had another successful year. 

Doultpn & Paul 

I concluded my comments on Boulton & Paul last year with the 
remark that some improvement in profit might be possible even 
if there should be no improvement in-demand. This prediction 
would have been correct but for unusual currency fluctuations 
affecting the value of timber stocks. In the event, the profit, 
before tax, for the-year to 31st March 1373, was £6-24 million 
compared with the £6-78 million of the previous year. 

Ail sections of the company's business ere dependent upon the 
construction industry and the intense competition for the 
limited amount of work available has put profit margins under 
severe pressure. 

Joinery orders at least have shown a welcome increase since 
the beginning of the present financial year. If that improvement 
in foe flow of orders can be maintained, a better overall profit 
may be achieved this year in spite of difficult conditions which 
some other sections of Boulton & Paul's business may have to 
face. 

Murphy Bros. 

I am pleased to report that, for its year to 31st December 1977, 
Murphy Bros.' made profits, before tax, of £563,000, which 
compares with a loss of £356,000 for the previous year. 

In toe prindpal activity of opencast mining, which is carried out 
under contract to the National Coal Board, the company's 
programme of work in the present year is satisfactory, but the 
market for coal Is no longer expanding at the rate predicted, 
due mainly to a falling off in the United Kingdom in the demand 
for energy. In the medium to tong term, however, the prospects 
for coal still took. good. 

The civil engineering subsidiary, Wrekin Construction, again 
made satisfactory profits in spite cf the depressed state of the 
contracting industry in this country. ■ 

The new management of Murphy Bros, expect the company to 
show a further improvement in profits in the current year. 

Plant Hire 

The total pre-tax profits of the three plant hire subsidiaries 
amounted to £4-22 million, against the £4-13 million of the 
previous year. . 


Year to 31st March 

1978 1977 

■£67,042,000 £55,310,000 

£34,631,000 £30,144,000 

£24,827,000 £19’ 550,000 

£8,427,000 £7,478,000 


17-Q0p 

5-78p 


13*40f> 

5«17p 


Eddison Plant's record -pro-tax profit of £1*56 million was an 
improvement of £433,000 on toe previous year. The anticipated 
demand for forklift trucks continued throughout toe year. An 
improvement in the building and civil engineering sector greatly 
assisted the utilisation of general contractor's plant, but truck- 
mounted cranes encountered stiff competition from low hire 
rates. 

Grayston increased its United Kingdom profits by £374,000, 
but there was a downturn of £557,000 overseas. The total 
profits for the year amounted to £1-59 million against £1*77 
million for the previous year. The overseas operations are 
expected to break even this year. 

Grayston is a widely based company and all sectors of its 
business in the United Kingdom are currently experiencing 
higher utilisation and achieving improved hire rates, with the. 
' exception of truck-mounted cranes. 

• J. D. White is a specialised crane hire company and felt the full 
force of the fierce competition in this fiekJ. Pre-tax profits last 
year, at £1*07 million, showed a drop of £173,000. 

The activities of our plant hire companies are well balanced and 
their potential earning power is well in excess of the present 
profit level. While best results may not materialise until 1979, a 
useful increase in profit is looked for in the current year. 

Redsta'on 

Rediffusion's profits, before tax, for the year to 31st March 
1978, were £17*43 million, compared with £16-47 million for the 

• previous year. 

The year was a successful one for Rediffusion's domestic 
television set business. Colour sets are now in 65 per cent of 
homes in this country and, with the approach of market 
saturation, competition is intensifying and margins are under 
pressure. Nevertheless, from this, its main activity, Rediffusion 
showed an increase in profits, enlarging toe volume of its 
business and Its market share in toe process. In Great Britain, 
rental is still the most popular way of acquiring a television set. 
Rediffusion Industrial Services, which specialises in the design 
and installation of audio and visual communication systems, 
showed a marked increase in profits. The company has been 
active in overseas markets and some one-third of its turnover 
now comes from abroad. 

Red'rfon produced less profit last year than in 1976177. The 
computer and flight simulation divisions had an excellent year 
and achieved substantial profit increases. Unfortunately; these 
increases were more than offset by toe loss incurred by the 
telecommunications division, which is undergoing major 
reorganisation, and by- an unexpected loss in the systems 
simulation section. 

It is a matter of concern that Redrffusion Television of -Hong 
Kong, in which Rediffusion now has an 81 per cent financial 
interest, is not yet profitable. 

Until very recently there were three competing Chinese- 
ianguage television services in Hong Kong. Rediffusion's 
station .achieved a bigger share of toe total audience than in the 
previous year and a far larger share than the third station. 
Rediffusion's share has yet, however, to reach the level 
necessary to attract enough advertising revenue to cover thB 
rising costs of its programme service. 

The third station has now suspended operations and 
Rediffusion's improving trend in terms of revenue and audience 
share is expected to continue. . 

A Canadian subsidiary. Delta- Benco-Cascade, which manu- 
factures cable television equipment, experienced another 
difficult year but Rediffusion's other subsidiaries overseas 
produced generally satisfactory results. 

The profits of the Rediffusion group for toe current year are 
expected to shown an -rivance on those of last year. 


The Future 

Last year saw, for the second year in succession, an appreciable 
increase in B.E.Ts profit. In the present year to date, a number 
of our companies are showing useful increases in profits, others 
are reporting unchanged results and there are one or two which 
are finding it hard to do as well as they did last year. 

Overall, the trend t& in the right direction and it is my personal 
view that our Group results for toe year as a whole will show an 
advance on the pre-tax profit of £67*0 million of last year. 


The Annual General Meeting of The British Electric 
Traction Company, Limited will be held on 19th October 
1978, at the Connaught Rooms, Great Queen Street, 
London, W.C2. ■ 

Copies of the Report and Accounts, containing the Chairman's 
Review, can be obtained from The Secretary (FT), Stratton 
House, Piccadilly, London, W1X6AS. 











UK TRADE FAIRS AND EXHIBITIONS 


Date 

Current 


Title 


Current 


4i 


Current ... 

Sep. 26 — 28 
Sen. 28 
Out. 1—4 
Oct. 2—5 
Oct. 2—7 

Oct. 2—7 

Oct. 3-4 

Oct. 3—6 

Oct. 5—10 ■■ 

Ocr. 7—9 

Oct. 14— 2S 

Oct. 24—26 

OcL 24—27 

Oct. 24—27 


International Garden and Leisure Exhibition (cL 
Sept. 27) 

Furnaces, Refractories. Heat Treatment and Fuel 
Economy Exbn. and Symposium (cl. SepL 29) 
Intnl. Broadcasting Conv. and Exbn (cL Sept 29) 
Mailing Efficiency Exhibition 
Petroleum Equipment Exhibition 

Frozen Foods and Freezer Festival 

Southern Floor Coverings Exhibition 

Business Journals Exhibition 

Int. Production Engineering & Productivity Exbn. 

Electronic instruments Exhibition 

London Business Show 

■ • Salon International 

National Shoe Repair Exhibition 

International Handicrafts and DIY Exhibition 
Environmental Health Exhibition 
London Business Equipment Exhibition 
European Offshore Petroleum Conference 
Exhibition 


Venue 


COMPANY MEETINGS— 


HtMann. Post House Hotel Qu'-eas &'•**■ 
Osset. 1 . 00 . 


WEEK’S FINANCIAL DIARY 


’financial Tunes Monday 








Manails 'Haiifwl Han ih™.. West l*»e. 
SouiboMrani. Halifax, iso 
Mire an Edwards. Gu-otarne House. 

FeatMrtwa Lane Shrewsbury 12 . 00 . 

W'rttrrn Board Min*. Anert Hotel- Cardiff. 


-Nw*e»ta*«tp&. 

a record s the principal business andffatandai en^gementiduringt^^^ 


Nat. Exbn. Centre, Birm'ham 


Nat Exbn. Centre, Birm’ham 
Wembley Conf. - Centre 
Bloomsbury Centre Hotel 
Treetops Hotel. Aberdeen 
West Centre Hotel. SW6 
Melropole, Brighton 
Cunard IntnL Hotel. W6 
Olympia 

Eorocrest Hotel Runcorn 
Cunard International HtL W6 
Wembley Conference Centre 
Harrogate 
Earls Court 
Bournemouth 

Cunard international HtL. W8 
and Earls Court 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Set). 27—29 Toy Show ... 

Sept. 2S — Oct 1 „ Intnl. Fair for Industry. Trade and Handicrafts 
Sep. 28 — OcL S... Caravan Exhibition 


Oct 1—15 
Oct. 2—6 
Oct 2—6 


Oct 2— 8 
Oct 3 — S 


Oct. 5—14 
Oct. S — 15 
Oct. 6 — 10 


International Trade Fair 
M1DEST 75 (industrial Exhibition) 

Evh hn of Electronics, Telecommunications, Data 
Processing and Nuclear Technique 
International Clothing Fair “Fashion in the World" 
Intnl. Tobacco and Machinery and Agro-Industrial 
Fairs 

International Trade F 2 ir 
Motor Show 
Summer Fashion Show 


Dallas 

Dusseldorf 

Paris 

Baghdad 

Toulouse 


Ljubljana 

Beograd 


OcL 7—10 European Furnishing Market 


Oct. 10—13 
Oct. 12—23 
OcL 12—13 
Oct. 15— 22 
OcL 19 — 22 . 
OcL 26—29 . 


Fourth European Eieciio-optics Conf. and Exbn. 
USSR Scientific Research Equipment Exbn. 
Annual Library Microform Conference and Exbn. 
International Wine Fair 
Soiar Energy Exhibition and Conference 
World of Investment 7S 


Skopje 

Bucharest 

Paris 

Nice 

Lyon 

U necht 

Moscow 

Washington Hilton 
Verona 
Verona 
Los Angeles 


BUSINESS AND MANAGEMENT CONFERENCES 


Sep. 26 


Sep. 27 


Brit. Council .of Productivity Assocns: Unfair 
Dismissal 

Continental Conferences: A seminar on teasing 


Sep. 27 


Waldorf Hotel 
Greenwood Conf. Theatre. 

' London, SE1 


Sep. 2 S— 29 


Carlton Tower, SW1 


Sep. 28 


Royal Garden Hotel, London 


Sep. 26 


Oci. 1—6 
Oct. 1—6 
OcL 3 .... 


Oyez: Communicating the Company Performance. 

Speakers include Michael Lafferty, Financial 
Times 

Risk Research Group: Captive Insurance 
Companies — Establishment operation and 
management 

Assccn. of Franchised Distributors of Electronic 
Components: Electronic Marketing *7S 

Brit. Institute of Management: Pay and 
Productivity 

Bradford University: Advanced Mangment. Acctng. Management Centre. Bradford 

BACIE Training Services: Interpersonal shills Sackville Hotel Hove 
Industrial and Comml. Finance Cpn. and NUMAS, Furze Hill Hotel. Margaret- 


12 . 00 . 

BOARD MEETINGS — ' 

Fh»fS! - 

W*tit . - . 

Chim&ers £ Far Bus ' 

Parker Knell 
interims; 
a ram all iC-D-1 
Flsons 

General £ Commercial to*. Trust 
Jersey Electricity 
Mart hi i Alum] 

Metal rax 
Rue Estates 

Tarmac 


ivuu*Lu 5 ia a icwiu ut *ae pxmnpaj ousujess ana financial eneaceme»». v “"lf„r^iU- a rA 
The Board a^nimnly j? r U» pnn^ of ^dering^dends 

not always available whether dividends concerned at» fatertmr Anaia. The sub-divisions • p«tan-Hwmr in. — - 
below are based on last year’s timetable. 


Ama-r a« 

Cb»rtert>»ii 

ConoUdated Plantaooft* 
F«atwear Industry itn*. 
Gallifard BrmdJev 
HTV 

Mania iR. P.) 

Sim* Darbv LoHUn 
Interims: 

Aberdeen Canstroctien 
Bowling <C- T.l , 
Combined English Stores 
Dunloo 


J— • 


Tisdrar Carp, ay, cPL 1.375 k. tn. 

I- a ~»g m Success Em ten. 0 - 9 O 4 Sj» 
irwsirs c»a: tb. ctL i’< r^c 


Hl/Bton JiecBdjJltd. 26-3J9Q 
Keetuite Hveraobo Da. j«c 
LRC latemaiijnai Ln. sime - 
*-■** Viet* iwNBt, La. 2 d; 
i * aa Starts* Iwwk. Tnisr ns. 3 31 , 
; t-p. 5-» {*' 10 £1 K; 

Lawrre piaa: SB 
L ash bber 7M»cBct4. Red. a. 4 79 jubc£ 


Cfcmxy Bl*£ **L P £ I ,.V|«| PC 

Income g.Fj». Grp, 

City . and C ^ nlefcM1 1 ... Ranks, HO Ha. 

J.08p 1.925 k Rerffeanr Ha 




J • Fiym outA Pt mc Rgj fc.TVp?** '7 -•= • *. 

fc.* * . 

-B.CJ. WfMrS. TdcFf, i^Spc .v^^y^.v'-. - . = 

Wn. 




„ DIVIDEND £ INTEREST PAYMENTS— Fo4K0 MbititB ' - 

Abbey Panels. Ud _ General £ ContiwtiiS la*. Trust 

AwKHlrt British Foods 6nrL.-.. 2\ 3-dFB H.ndHi rA'»«Td-n 

Barker £ Gossan lr.. 6ac MacldUn iP. £ W.l 

Bwki Street Fabrics. O.TSa Merr>ssa i«m.j Sjoermarttets ' ' . ' “ 

CaywUiam Lns.. <"» 5 pc Owen Owefi 

Centrovindal Estates U>„ y 1Bt Ready Mixed Concrete 

Denbyware. 3-30*9760- Vickers . - 

Dynford £ Einqtt Debs.. 2 :; 3’r *■* Whatman Reeye Acget - 
B 6'tac ’ ‘ DIVIDEND £ INTEREST PAVIFENTS— 

• — - Floating Rate Sub. 


i- 

Colt fpd. . Rw ^fj.» IB. iape > : Tr-....,, 

_ _• Comben La. _3 MamifachiPera Ob- 3K ReitoW Db SVbC rS - .V r — 

2 ntf ». coiMMH fi^SSnh 4 l 2 c^^ • ■ ' Rmwrtck WocPtySpc .--: -r .v ' v. 

CCrfnter and Fi'rtmUi*. 3^ 3V 4 »*pc Richards Db. 3i«c • ‘ - ' 


GOcKiedBt '2Ts *i 
Csoblass BpePt- 
Colt led. l"S-,- s .*i jtta . 


Hanson Trust Ln- Sirtc _ AHi>d t-tsn Banks 

M. £ G. Commodity £ Ccne^' Fun * 1 P 3 U 7*jpc • l J 
Income, t.lp AKO-Jated B«tisa Foods Lr:. 5 ^V=c 


income, i.ip AKo-JatM B..^— 

Manchester MtH- 7 J*dc Gld.. Red- l979 - Calderdale 8Hpc i ^£, 2 §- 9 i7!i *v£Z — r 

3-a»c Castieadnt tPVoc Eds. Red. 23.9-31 5 i»c Medina 7~0C?dSJlad. 


fcjfcW Wt'IWA 3U0C Eihno fl'l 
p ?22?*i, pr ? , SS5 l resayowit of ^•utDb. gpum £ 
,1 987-92 at £95oe ulus accrued ms«r«st s'iDt 


itpe Bds. Red. 26 9 T9, 4 iu.DC 
Ewell IO-'idc Bds. Red. 22^9 82. 


M biiSard Lo.’ 'tMioc. TTti. Ce%edB«_ V’S a i m . S, * 2SpQ 

Lmdon Tree AocPM. 2 oc. Ln. 3oc ' 

Lohb * HamVy 7pcP*. 2.45oc 
Lonsdale L'a *ersal 7 DC. si & 

2*4 SpC — 

'M ®sr«£' SS&Sfc"- srei 

Ceururid* an. - aiston HorosbyrDte. J ' i ■' 

■ &- u stortt «kpt zt* ;,Xr 
reguard ind. -Hww ObT Jw .. . 

Ln. . 49cj. ; ::£ v-' 

Hue - > 


Meltfon Variable 
£35875 


Rat* 




Mancbeswr 3 pdledXons£iic. 192BjtV^pe. ScFf. 2 .* 5 pc 


May and HHSdl Dfc. 4*,pc. 

Medina 7~iae8dS-Hed- e»479 3 >-'mpc 

MetrsodftBfl Wa^er Bd.‘ 

2 apeOb. 1897 JJjpc 


Rendd Ord. Deo„ 4pc 
b'PiESSD 


Smith Whitworth. 

Sanhooe General In*. 6 :^pc, 2 JTSoc 
TOMORROW 
„ COMPANY MEETINGS— 

Da*r ln»l., Catondlsh comererc* Centre, 
New Cavendish St- w. 12 oO. 

London £ Gertmere In*. Trust. 2. SI 


Erode. O-TSZSo 
Franklin Mint 7-jcw 
Lyons rj . J Ln- Jfutt 


Bdt. Red- 


Mary Axe EC.. 3.00. '“ r 

IN6S__ 


Mercantile In*. Trust. D.Sbd 
M id- Sussex Debs- jv'i 7Wc 
Newcastle upon Tyne 9 :X 
24 9 3D. 4LbC „ 

Orkney Islands lO-'aps Bds. Red. 22.9 82. 
5>>ne. 


BIJRSSS*'** <£?«*>«. 

2 dJcDO. 1897 _1 J 3PC 

l ...... 

.Midland Tttl . 3.0280* T - 6KS 5 t • njfe^igrc™' 5^- 23pePf.r&75pC 

K«^^jy^lt«eJds. - 2S3-83 £aM75 A-* S-’toePT. 1.920C. - Db. 

' R **- '• 21 aK 


rers Ob. 


Scott! sh'^igricultoral ImSi.. 


La. 3 >aPC.: Lit. 


Scottish Agricultural Sb^s. 

Scottish Mercantile Kv. 
Scottish llnl versa], bur.' 
scowsh *wi ,m 





r.ai7$M.- 


9=WC Bds. 


BOARD MEETII 
Finals: 

AS Electronic Prods. 
Armstrnno Eouloment 
Si sc well EurcnMn I nr. Trim 


St. HeJens ptsoe Bds. Red. 24-9' 80. 8Sok. 
' 7- 0.82 Id 


Sekers IntT 


fESk oZ3&£ StJ? 


Nora Warwickshire 

NanraSi V-fSc to. 4A7B3'W S^^Pari? - 1 nd^ Db.^d kPC 

fS'aW* ' 9 9} 8 ^’ r P# ' 3BCr ' 5ac «•*- 4 * ««* 

- - - - Dow Chemical SScts 


4Wy-_t jS 7Spc.:.:*» sPtTjJ*K-- 

N 7ptftcl*6fc~ £»*.- 


M«r ge> 1 Footwear) 6 oc Pf . 2.1 DC 


-Dowry La 3’* 


T smart m DtstlHcro 


Cnr. UR5. Ln- ’S* 5 -® 0 ^iirtp O** 10 ™ ©rnKei) 5 ^kS7 2,75c: Drayton Cw wd - ’% n rf T t<> ? 10 ^ 

■5T!yfi : rt " r ? 5t w . C0f "* r * :ae ,nto R^Soimt InMrnat iooal. SpcPf . 2.1 pc. 5Uoc DpnhlU f Alfred ld-3PC"- 3-1PC 


Brown Bros. 

Hav (Norman) 

I DC 

Newman Inds. -- ' 

Office & Electronic Machines 
Rosed 1m on d Inv. Trust - 
SanHeM Services 
Unicom Inds. 

Watmouqhs 


Jtd- 


•rdlnary shared. 

FRIDAY UPIUMU 2» 
COMPANY MEETINGS — _ 

Camnoson Invs- 7a. Hatarw 
Slrmlncham: 12.00 

Cavenhanz, carer ham House. Haves. 

Middlesex. 11.00 _ _ 

ElectrocomDonerts. Great Exsere MoeeL 

KXA.Srt!! Hotel Inter-Conti nental. W- 
12.00 


2 nd. PI. 
RciBian 
R.ver am, 
RcttMChlld 
4.20CPI. 
1.75BC- 


LnlStk- dj^pc _ ' Dunlop Dt>. S'»OC 

.. -4:me . Duoort Ln. 5pe 

-.!e T A Db..AJ«oc ■ .- - E.R.F. Ln. dse 

In*. TC. 3.SpcPf. 1.75K.' East Midlands AlHeti Press. Db. 3S«pc 
2 . 1 BC. S.SacCocv.KetLPf. Eastern intnl. Inv. ,Tat_ « «K 

Lit. 3>«0C ‘ - • “ 


SeettWi Roa9< 

fSSS&J&F-- ’^VVr-,; ' • 

Sh te t M t... 'JMWO ; W J W SwcPeTA'. 

•UmpSi- (SJ; SeePt ,1. ‘ ** 


, e a gzri2$&2X!*i t **r- r . ' ... ; 

Sketch lev L2BCH. 2*1 oc--- : .in. — 


Roxburgh 7lteCBdS-Red- 4 : 4,79 3 ITm£C 

SaaiOu and Saaichi 0.Q4i> 

Sa nd we l l 7)addsJid ; .<. < t|7t V-'aac 


Eastwood ul. 8-5 ° b - SJi*. 
Edger Inv. Db. 3 pJ. Oo. < 
foairt of 6 pc 1 stMBi.Do. 1 


DIVIDEND * INTEREST PAYMENTS— Midland Educational: M'tOaod Hotel. New 
Mtg. Var. Rate la.mcDb. sZ. Birminsham- 12 00 - . „ 

2 . 02 so- T ^c , ^ l a;J^ lf ■ 

^1*%^ %-t^, Jo«Ph. Station.HoW, Dudley, 12^ 




■98 at per 


Bt^"VS s ESLV& 




2««>c 

Eait Surrey Water Sac -Red- PH. 1982. 

4«. Do. Ser Red. Prf. 19B0. 4-Ssc 
Hall (hurt on. 3 Sets. 

NaKewoods (Pruorletary);. 1.5D 
Western Board MIHs. 2.5 o 

WENDENSDAY SEPTEMBER 27 
COMPANY MEETINGS — 

Alisa Inv. Trust. 216. West Georoe Sr- 
Glatoov,. *2.30. 

Courts (Furnishers). Crown House M or den. 
Surrey. 1X00. 

Lonoton Transport. North Stafford Hotel. 


Essex. 12.00 
BOARD MEETINGS— 


Station Rd- Stollt gi.fra n. 3.00 


BOARD MEETIN 
Finals: 

Beckman CA.) 

Campari 

Must* Moscrop (Idtddletbnl 
Startrite Engineering ■ 

Ttirotmortoo Secured Growth Treat 
Interim: 

Alpine Holdings 

Alva I ny. . . 

Ayrshire Metal Prods. 

Legal £ General Asa. ~ 

Menders 

Thomson T-Llne Caravans 
Tootai 

Walker CC. & W.) 

DIVIDEND £ INTEREST PAYMENTS — 
Arming* Shanks in- Sec 
Barking 5 "^pt Bus Red. 27 97B. £3.5505 


m 

SCOKroS 6>0CPr. 227SK 
Scottish UirKed Investors P.6Sp 
Securtcor Gro. Ord. and A Q-Bp. 

PtgJt.- S. 206 PC 

SeCUr.tJes >ssord by the Inter- American 
P** e:pgraent BaNt Stj pc. 1979-84 2 ?«pc ^^-e (Bradford) Dtis. TV fiSC 

Secwi^M Trust of ScatiMKI 4*XCPt. Ind inWI- Tst- 5 i» cPf v !.S 2 ipc 

1974-79. w^ns'cemima. ST. Hart "Rd- Benflee*. Seacltv Services Ord and A L25p. 4>jpc. chTna^lwS^K 5 Wl'S^c’ 7 - . 

pSSi*SfJ£t St Uir^S 

|Sriy b ^cSrtSI)*i Marriott (Wither) sSr"s^SirSbire centra . - - 

SoariSS rd, w.i La. 4'xPC • Ewart Ne« NorthwiLn. 4Uoc 

s ss5Wr fc sup ^- s^Vpts 2.ipc 

lissss: JSTJ-% w •: 

North British Canadian.-. $3£J^± 3 ig?aa>. 19«£4.40 63 ; ^S.4Spc _ 

piVIDEND. A PAYMENTS TbomaS* ^gl 5-*StocPf 2.9T5PC ’ /-"qe-ilUNtt AUjtBBWllBB 2> 3b P19B1.8S), 


Slooih llttoeSds-Red . 28W79 ' S*«c " > 

syijhSB^ A^BScPf; ; 

SwMRh'w^HJ^acPL ■ijriBC. TflCPt 

Smi^vrwmErth >T‘ 

South - . Cornwall Water -Be wn) GpC' 19TO-B2 T 

3 pc ■' • r - - - 


gpeedw rilT Gwr Cct &ra, pf. sue 2Lfpb 


TSt At. 23loe A . . 

Stag Fwntture 1 0ncPf- Spc 
Standard «harttrg^9M)c U ««c 
Stud eod Shapwn-^Oeb- 2H 41932) DC ‘ - 
Storitas Evt»i«5 - OebT: 4pc - .7.-TT-..- 

SterOng tad. 1 Pl. (5bPC). 1.92&K - 
_ Stlmpson^eHrln* .Spcft T.75uc 
9fK Stock ; Commrslon .and . 10*. Ln. Stic. -ZImt--' 


Hambro Life Ass- 
HurK rchartes) 

Lyle ShiopfBC 

Miller (F.t (Textiles) 

Modem Engineers of Brlsrol 


StoCkWM . LSK <3tdX .. t :-. : ■ -•. •.- . 

Stone- Platt WW. Deb- 3‘ jPC : . 
Sunderlahd UMephl SotM: BptM- 2 .TDC-.- 


Tace 40p£Pfd.-'34PC ■ 

Tate, and Lytf JtilBC W. 2JT7SPC Ddb. Stoe.,' 


Neill 1 James) 
1 British 


Torn Foods Db. 3'aPC 


tpc. sto.. 


Alisa Inv. Trait 292171# 

Allen lEdgar) Balfoor SptPf. l.)9oc - - . r — i 

4 * 7S: ^ 

R«L 4.-79 BSfeKfe® 

3'NllBC . . 

IIW 


5 tpftfy 


CnrJpc 


Waltham Forest 10-aPcSdS. Red. 253.91 
A^^Contineetal Hw r.nance Ob. -Stic, Bjis. Red. 

«»»-^=rSS£^7eiS: 

Ln 3'-*pc West Yorks- Pass. Tripe. Ex. 7uncBdAd. &■ Portia* a. Estates Db. Alsoc, 
(4 « ”79) SDnpe 


ttpcK - ^l* IWL Ul. 5 - - . 

croup Db{2*S>c 

• ;-<3ala Gotmetic Db Slroe . : 
-General Elettn c Ln. 3 Vt 3 jnc 
I General Elect Q *«r**” . M?-_?RRe 
- General Srottjah Trort Ln . 2J»pc. 

4 4179 g°»er. M?' n §g^;- 2 - Tpc 

"bi.pcRed. 1985 5%DC. 


J.Y % 3 pc _ . . .* „ 

•ISSrSSi^tSSc*'*^ • 

Tow "Su^«s 12 C<ocBdS.Ri '28/3)80? ': 

iV ' 

jffl pssw^saa.^^- 6 

E»n«L,D^ 

TVae 


f s'-f 


Il 


’ ; -V 

ejb 1. 3"»»5t*pc - • ■; '.v.£ - 


sw 


Cteethoroes 
£3.5505 
DvrUnqtnn 
£3-5505 
H-th •Samuel). 3.2«5p 
Inch Xemw-h K»ian Rubber, lo 


S\K 


Bds. 

Bds. 


Red. 


Cdf6 Royal. London 


f 'indon Hilton 


OcL 2—3 


Oci. 2—3 


OcL 2- 


Ocl. 2—6 


OcL 4 — 5 


OcL 9 


Oll ll 


Oct. 17 


Oct. IS 


seminar: Making Profit from Productivity 

European Study Conf. and the Inst of Marketing: 
Pricing for the Common Market and America 

Now York University: European-American Com- 
modities Conference 

Chartered Institute of Transport and FT Con- 
ference Organisation: ln!l. Transport — tbe 
Common Pro 1 ; I tins 

Institute uf Personnel Management: Selecting the 
Right Candidate 

Anthony Spinner Management: Fraud — Detection 
and Prevention 

Brit. Council of Producuvity Assocns.: Contracts 
of Employment 

Abacus Conferences: Using Industrial Design 
Copyright ro the liesi advantage 

Institute of Marketing: How to Manage Salesmen 
for More Profitable Seizing 

Henley Centre for Forecasting: Planning 
Consumer Marked 


ting. Essex 


Kensington Close Hotel. W3 - 


London Hilton 


Royal Lancaster Hotel. W2 


Whiles Hotel. W2 


Piccadilly Hotel, London 


Waidorf Hotel, Loodon 
Keusington Palace Hotel, 

Londor- 

Royal Garden Hotel. 

Kensington 


Carlton Tower Hotel 


Lambeth S jW Bds Red. 27*9 78. £5.5505 
Lancashire 6 1 »pc Bdb. Red 27-978. 
£5.5505 

Ip-'tH 8 «pc Pdv Red. 27*9’7f . 13 550S 
thrmrool 5%oc Bds. Red 27 9 78. 
£3 rsos 

1 -t— R-.-V «ds ®ed gviBTS *->5505 

»• h~i| 4 «*rtQnr Debs., i** 

(1979-89) 1\ 2> 3»*pc 

.... Pi*« «»«s 279 7* £3. 5*15 
North H» r-'o-H-hire * 6 *koc Bds. Reti 
1707 * f.t 55 ns 

N"rtv Weld* filpe Bd< Red. 27 9 78 

Prestn- 0 F'«PC Pde. R-d 27 9 T? £3. *504 
SI Albans 6 ">ek Bds. Red 27 9 78. 
ft esije 

*’”nra c-.er «*rts 9«d. P««: F- - * 

S'«»* Bds. Oed. . 770 -* *.t.-*05 

Ft— «* €V*r Bdv-.Rn. 27 «» 78 

C.v «"( 

5-.pc Bds. Red 27 9.78. 

£3 5505. 

THURSDAY SEPTEMBER 28 
COMPANY MEETINGS— 

Benn Brothers. 25. New St. S=uare E C.. 
*2.30. 

F tch Lovell. Conn*x.gbt Roons. Great 
Curan St. WC. 12.00.. 

Form tester Mayfair Hdtri. Be>-).elev S;.. 
W. 9.30 

Frarris (G. R.i. MetrOPO 1 * Hon' Nat. 

EsrtihtlfB Centre Bin’ agharr. 2 10 
-Geevur Tin M'ne*. Peedten Pencanre. 
Cornwall 12 • 5 

Marar*hys Pnannaceutlcala.' Forte H><l 
Restaurant- |-gatestore. Esse* »l .00 
Lauranc* SccU Abe^cxn -Rann-.s Great 
E*»reT wr*«i 5C 'l.cm: 

R'tTand. Plasterers Hall. 1; London Wall. 

Tdtrfiir* (F H.l. Post House Hotel. Great 

Spit. 12.39 

BOARD MEETINGS — * 


Avon Rubber Co. Deb.^SU SUoc 
BPS Industries Debs. 3% 5 '«pc 
B abcock wiVox Debs 2U 3 pc 
B anff £ 8 urban IMpc Bds. Red. 24*392 
Tiffignr 

Charrington 4aeW. t 4K 

5 JCjy 

Bexley 7*«c Bds. Red. *479 3 ;5 -«nc 
. B 1 I'kimbd“od5e 71 , 0 c Prf 2.62SPC 
27.9.TB. Bedd'Otani Breweries Ob. 2 DC 

Brj-d Group Deb 3*?ec - 

Bralrtree 7’roc Bds. Red 
B'as-an Ld. Class A Cut Frf. 6gc 


. gPeW. Z.ipc, - -. 


Red. 27'9-ra. 


Walker. 
I.92SPC 


*k» Wfialrit Ybbrksi -SHbcPi.J. 


iSSSi.' farty-^pc " ^ MP5*c. 

ASK*; S , tPCPrT..1JU5pt. w ™, Maip^nwidit-Dbi.iW. - 


□b. 


m* Universal Stores A 4^4p. Ln. Hm .... 

Wbatilma Q^p - Greenall Whitiev BpePf. 4A712 pc - * : '• UnSii :Otv Merqiants lji.' £pc - ..* 

York Wtrwks. Cons-OrdStic <4 9k -Fm*vC Grewnaven Securities Db. 3- 5(«pc. * <**ioc 

nb. sod 3 Vac - • ■ united am uw. -37 • 

__>c »FbST' GrCSam Trust Lo. SV 3S» 4pc vantona 4.9ocCoaw« 

6dO Rd.Prf. 11983-841 2.1 pc. CocsJYT. Groveoell 9 DtP». S.OtSpe *’ V}"ST* £«?cPT^2n^. 

I4jpc Max. Fmty. 6os> 2. lac G-^-a Bridge Paper Ob. 34»c 

SATURDAY 5EFTEMEEA 30 C^rolan^oyal Exchange Assaran^7g«V«^- ^.n 

DlVtlramw - .N. t .,aai rAfMENTS- .Gjfio -A I Ln. 5 UPC . ... ’X48Be*. . j 

A^roc^on ftrok &,25acPT, Z-G2S pc. Hamjroon Inda. . 7«iDcPrlo 2.62SK X*rm. EnaW-yu - 

— ; ±y— raTV -j Vw mi » £JpA l*f. 2.. ial^PC KAOI0COI3 

9iert 7^ttC Ids* “cd. 4* 79 3 .hoc Aucru-n «peP!. i. %pc •• nupvi - 

Brstol Erenirg P*«t Deb. Stk. S-'aoc Au.< a-scr.. 1 * - jk j-; *v iPnexthMo) Hazel! 1 Q 1 Lns. 3!*. Nape . .- ■ wiir'fn-TTiirtaTT'U ”-^ - — - 

Bid risk As*e*s Trust Ln. 2*iDC JWC Henly* DO. 5 '.PC. Ln. 4l*pc . . „ -. .^““CJIT’-pcPrCJ^Spc. Ob. «pc 

Celanese 7orts _ . _ . . , _ Vi.. uwgr es ape FT. 2. tpc Hensbtr 6P cPrr- 2.1 PC .;...*.• . • arSunJ- '.Vuli ' ■€,' T --~ . 

Chapman and Co. .(fal"*®" **S5L- AarorautstAl aa* itcatr*. ioscrumenta hepworlh Ceramic D ^ S^PC wSmlnUer^Wv |f jit *.*** 

Ch iiemouse G>e. ».?£b-P’ 2.5. Sot Debs. 1^7^ Hestair Consumer Proas. Ui. 3pc , . » Jiyac. - 

3:« Ln. 4Voc _ . _ 4k. .-er. t bccPl. 4Jp Hickson WekJ. SpcPrf. Z.lpc . • SM^eed Ob •- 

gl a rer b cuw * jnv. IB. l-.Sp. ^ A,.c^ jrfp:. f ./apt . HIU »P» Imr. Trst- SVpcPrf4)b. 2Vpc. L*- wlS^l ^vo'^icPrf ’ 

i.- ^^drewcT.es'i^J^ ^ 1 vj i i 75-80) w fii^ matl Ln. 4 PC . 

4-. -a-— an *. * St ta-uMls HocroN Trst. LM- 3V. 3J.PC • . w»g? jT T gS - 

ia/-5*; A-. 4 «pc- Do. Sa t*. I rt. ix HoRnung (Si 4A£pcPrf. 2-275PC. LR. <K- JSliSt -IrHB® «: ■ 

. i . * •u-l - Hogg Rob. Ln. «Vpc 

^ F -^ ,na ^ ^ {SS - - 

Db. 3NPC '.up-89. - J*£gruT7i£t * * - : * • 

ICL Dp. 2<*pc 

1MI Ln. 4irf»c x 

ITT Oistrb. Ob*. S*»i 4VPC •-• ■ r - _ _ 

Imp. Conti. Ctf Assoc. L0C.' 3. X'ipc . /Lrglu-Anignctw 

tKP. J-COds DO. Jypt s* . - . AlirrO'i Bromers. Ob- ^EUPC 

Incncape 8*.-pcPrf. 4.975pc. Lns. -2* 3V, Avtocirted annsb' FoCtfv 6pcP1. J.lpc 
4. 5'.. 6 '.pc .* • * „ • AtUs - tiaetrlc .* Gwwal Trpit 5pcPf. 

I nos. Comm. Fin. Carp. Dhs. 2V. 3%, l^dpc* . 

■ •.J5i-54. 4*- : pc - • - ,8r.tl«A'E4eotHc. Traction jn-'X'pnc 

Inds. Gen. TrsL 4 (,-PCPrrjtm. 2V.JZVPC ...- 8ulmer.« tdnri> SpcP*-- t.75pe . 

Cement-Roadsiooe JDti- GC - 


.'xi 

-.--J 


(Stewart 


1.5p 

and Arden. 


ProPt. 


Commercial 
Db. 3>tfc 
Comp Air Db. SpC 4APC 
Continental and liAstnil Tst. Db. 1 'ioc 


••(•SI _ _ _ __ _ 

3 --pc Aww’wHj resua. tA 4-aPC 

tO.bcBclv.Red re«w.-ui«s M. tKh ox 


snental and ladustnai Tit. Db. i 
*jjri:_rd rV-riai ■ .• 4 4 rs S-:rSt 

D amood Sr.! us 0.70. 3n 
Ooraoa Midas. 6 *;pcFt. 2 J.,oc 
Dorman Smith 7pcW. 24SK 
Dutkham ‘A3e*a.ide r . r 
East Cam br-dae shire 

Eas* Dt*»on Variable Rate Bdv Cut 21 £ 83 Ar.i.i, -Ce.it. r-e-ta! rTaixe' Db. £*-1243 
£3 9873 _ _ Dp. , .-S' - 

Eli'S and Sons Anal. Props, De : <»pc n,.cw> u a. 

Ell-s srul Everard EbCPI. 1 -arc Aiut.ati; mu <tn j wjcPI. 2.275 k. 

External Inv. Ti-jsr Ln I’lCC •. ,p.r.. ..K/;:. Da 3‘, la 4 * PC 

Falrdale Texl:r« SdcP!. 1.. 5K Ali.tau t.ve: es wi-. 3-aPt 

Flsens Db.Ln. livSC A.s«c.a*.,tf Y>t-^c«;i -ns, A<*pc 

E w IPV- Db s-pc mOiOXLSZ." P .c aPwPr 2 , »u 3JPT. 

VSSSrS- ^.?. 9S t%- sperr. i.75k nZgfcvZVS# .Y.!Ssk 

Glamorgan ‘V-.pcBds-Rd. l4 . J 7 f! 'l’.** B^I k 1^5=0 

Globe Inv. Trst. Db. 2pt. Ln. 2 ,K- 3*PC car . fr 3,p: 

CuaroUn In, TVet. Pri 1£75oe. SntPri. Bar oh fvra a-art. ?.7;a. UTTSpc 
1.75 k Di 2 pc 8*as Chi.-.-|r.s^s Db. if. la 57-92) ) -a 

Hargreaves Grp. Do. 5-.Pt .*77-b»j «-a • - 9S7-a2:ac. un. 2U 

Haseovrre Estates Do. 5-ipc. Ln. 4 j.pc 5A. lh. 3 ,pc 

Heron Motor 1.92P B-VS Charr IS to. Brewers Lr. 3 3'i^pc 

Hertfordshire 7 Bds Red. 4 4 79 3 L-»,!v: Bafjf .rate— I L2P4-aisres TCcts. 
He.-tsmere 7'tpcBifsRed. 4 479 3 -j 4*- Beaumont Prep. ur. 4sc 


iZSsiS** 


Wllmot Breeduii Db.. Stitiff- ' 


Ln. <pc ~Wilsoir.ro Db:4K - . - .'vV- ... 

.. T BC - Wofvertwnipton -DudfcyJ BreWSl JDb. SBC • .r 
, . . Woodbead n CcJcPrf.' 2.1 pc. . Dt». Sh, - - - - 

• «.* •• 4pc. Ln. : . fasc.iy: •; 

i..-: • Sunday oacmn.v . . 


a ; r_9 
it •«- <• 

• : ?1 


DIVIDEND. & !Hi£RESE_EAYilEWJ3— - ■ a: 


Albngirr a. VriV5op / Db...3oc 
raM.-Secaifii 


.a 5 
SS- 


i & Cora. -Ob. 2 pc 


■j i- m . 


9 : apcBdi. R ed. " 26 3 80 4‘ tssc 
H: ggs and H<tt Db. 4-apc. Ln. 4ac 
Kifinljr.d 7>p<-Sds.Rea. 4 4 79 3::--oe 
lmasco Class A Cnv-Ccm. 37cts. C'ass B 
Cnv.Cam. St 45'Ts- 6 k«I. 14. Ecu. 
Intnl. Inv. Tit. CC. of Jersey t.gp 


Ex-Navy diving officers 
limit offshore accidents 


Publishers attack 
advertising ban 


THE HIGH DEATH rate among divers— 27 since 1971 — and now rules governing divers medical 
offshore divers operating in the the knowledge gained in the cold, examinations, but tbe paramount 
North Sea is being reduced hostile waters off Scotland is interns! is in training, 

thanks to the vnrk of highly benefiting the world’s diving 

professional ex-Royal Navy industry." sored a training establishment' 

diving officers. Mr Eadi6| whose home ls at « Fun William and has intro- 

Mr. Alex Eadie. Under-Secre- East Wemyss, Fife*, added: “ As ^ » 

tary of State for Energy, said an ex-ininer I am greatly ?n5 l *u Ca - tI A fls .* .?/ 

jesterdav. These men. members interested in safety and I am ne *-^ e rs enterln the industry, 
of the Department oF Energy's pleased to say that the diving . This js essential since train- 
diving inspectorate, were con- rules that Britain has framed standards can literally mean 

stantly travelling round offshore have been used as a basis for “^ difference between life and 
installations. They were a major legislation and regulation in death. Like working underground 
influence over North Sea oil and other countries with expanding 111 a coal mine there s not much 
gas operations. offshore oil and gas industries, f 00 ? 1 for error and human eijor 

«» -m.- l-. , i _ . , .... , is far and away the most fre- 

loey have helped reduce the A lot of the diving inspec- quent factor in cases of diving 
fatalities among torate’s attention is given to the deaths.” 


PROVINCIAL newspaper pub- of advertising to seek to 
lishers yesterday condemned a influence editorial freedom and 
State-owned corporation far with- believes thai the piac.ng uf corn- 
drawing advertising from a news- mercml advertising by a State- 
J paper which accused it of ignor- owned body should be governed 

only by normal commercial 
criteria.’* 


LA. L ,p<_ nl. 4-vDC 

»er=rcse 7>aScJ* 2 62 x 01 
8s.--=rx Cura. 27 A 

Be. i Ja 43*e.-t Li. Sue 

Scree 2'ioc 

Bcrssr jereor NisaoHer 7KPf. 245oC 

* V * J StrzPt - ’"S*. 

S.&3V M o*rsn 2*. 3-*pc 
t-Cdle H tfss. 2 ZlCZp . - 

Ll.. : ‘a9C 


S' 


PlPfPI. T.92SK. 


The Government has spon- in S Public opinion. 

- - ! The newspaper, the North 

; Wales Weekly News, had accused 
Wales Gas In an editorial of 
insensitive to • public 


number of 


being 

opinion over a 300-ton liquid gas 
depot at Llandudno. The decision 
to withdraw advertising was 
made by senior management. 

The Newspaper Society, repre- 
senting 1.200 provincial news- 
papers. said it viewed the 
decision with great concern. 

It was “astonished it this 
attempt to use the withdrawal 


Ulster bid 
to lure 
investment 


This announcement appears as a matter of record only. 


New Issue in Canada 


Can. $75,000,000 
Province of Saskatchewan 


9VSo Debentures 

(.Semi-annual interest) 


To be dated October 2 , 1978 


To mature October 2 , 3987 


Price: 99.70 and accrued interest to yield approximately 93 0% 


Dominion Securities 

Limited 

A, E. Ames & Co. 

limiicd 

Wood Gundy 

Limited 

McLeod Young Weir 

Limited 

Bell, Gouinlock & Company, 

Limited 

Burns Fry 

Limited 

Richardson Securities 

of Canada 

Merrill Lynch. Royal Securities 

Limited 

Midland Doherty 

Limited 

Nesbitt Thomson Securities 

Limited 

Houston Willoughby 

Greensfaields 

Limited 

Incorporated 

Pitfield Mackay Ross 

Limited 

^ alwyn Stodgcll Cochran Murray 

Limited 

Equitable Securities 

Limited 

Levesque. Beaubien 

Inc. 

Pemberton Securities 

Limited 

Tasse & Associes, 

Limjti-e 

The Royal bunk of Canada 

Canadian Imperial Bank of Commerce 

Bank of ^Montreal 


The Bank of Nova Scotia 


Hie Toronto-Domimon Bank 


By Our Belfast Correspondent 

A FURTHER step in Ulster’s 
efforts to lure U.S. investment 
will be taken this week when 
the Lord Mayor of Belfast visits 
New York on ao industrial pro- 
motion tour. 

Alderman David Cook’s main 
engagement will be an address 
to industrialists and financiers 
at the Chase Manhattan Bank on 
Friday. 

Mr. Cook said: ** I hope to 
demonstrate to those who do not 
know the situation already, the 
quiet and gradual progress which 
is being made in Ulster and tbe 
enormous contribution which can 
be made to the welfare of the 
province by American business- 
men.” 

Five U.S. concerns, including 
General Motors, have established 
plants in Northern Ireland with- 
in the past six months. 

However, there is now concern 
among Ulster trade union leaders 
that opposition to Government 
pay policy in tbe present round 
could damage the province’s good 
industrial relations record. 

Mr. John Freeman. Irish 
Regional Secretary of the Trans- 
port and Genera] Workers’ 
Union, whose members were 
among the 1,100 workers who 
walked out of the Ford com- 
ponent factory in Belfast on 
Friday night, said: “There is no 
doubt that we are in fra a winter 
of discontent because of the S per 
cent guideline/’- 
Meanwhile 2.000 manual wor- 
kers, at James Mackie and Son, 
the. Belfast .engineers, will meet 
today to discuss a 5 per cent 
offer from the company. 

Mackie. blacklisted last year 
because it refused to renegotiate 
a 22 per cent award, is sticking 
rigidly lo Government policy 
under Phase Four. 


3.7m 2 Ql4‘S2£X 

fUtar * 83*. R« 38379 5><9e 
Su:l- A Ett-ostin ls. 4’«* 

3 ejx-cra-.ig.*. Det. 

Blue C-tc:-; Its Dr3. 

-34. 2 -,X 

Ss-e FfeirtBljJI. 3«C 

lac: H?nrr:. * 2pcLir».F:. ^.loc 
A--25 — £" 3 rac Lx. 3^c 
Border Bre*?r.£* opt PI. List 
flaijcnjre p-zz 5o-.:i-Pl. : 7~ x 
Bj-j&sr a--c Pi ;.r •». 5. 3 -t-. 

3- jrtatrf Csro. 5 ;\XP1. :.925pc 

4i.wj.-er s 4 ;=c_— 1.12 

Brarttierp* Sa «a 
ar;77t l e. »r-. * Ds. 3 ;bc 
B r:si! JC-:n: u- 4=C 

4- .S.3I JH2 ,.-e* rlcre.* 05. 3"«BC 

fEji tii-A.-ner :as TcAJxci SecPI. t.75pc 
■ rts-gst Awr.ar 7»»'&B ln».Ln. 4 ; 5 

Br.: si Car Ai;.rJr 1 75oe 

ar t. ih Ce.aness Db- 1 jpe 
9ri^s*: Homr M3IB 70CP«. 2.4SSC. 4ocPf. 


I-Itisl Htiivoz "itjocAt. Z.1PC . 

Initial Ser.i S.aapcPTl. Ln. 4 k 

4 ^r csac '‘VaSS '-Witec MBT'Ordi T.750C. ‘ * 

inrercs* Ord.Ln. 3irfc Oo. A & C 7 POOm,;' £5<x. bo.~4.9oc 

i,: w . S'g - 

Kak-JZi ties. DO 40 US . - 2*^,^ Wl-Ud.; Do, 9K Rgtfi---- *-•“ - - 

K emf.ns 1 " Meter Lo.. iSc • . - 1 tominrocMtfcrtM Triret-^cPr: J.75t>c ti'~ ‘ “ 

lasswr-Js* 1 Tr ** >- mEEfc&msn^ ■ m »: 

U» y.nd Dt>. SJtpC. Urn. 11 W . . CortY* Bhoc'Pf. :24tSoc ' 

L»aa lire. Tnat Repayment at S'-ocCnr-Ln. D ttociy -cSti^ 3J» 3 3 Udc " ' .. 

luua ax par olos aecrufef mtaresx by DraRe £ jrrM£&vt JF PI- 2Jlpe 
3>V~nr conreraioa into -Ord. O re y tcii> Pr»mSi»r' Lire —Xrort Dt>_ 2 pc 

LlrTcts^.^oT SPCPf - 1 -- T ? PC TfZ 1J81 r.lfiewL '..-Co. 9PC RN.-.-:. 

L i n 7^e * d Mtmrose ,nv - Troit . 5PC pi. y*' JA 5-.t4tiF- * 2 ’» 

Lorvoon an*i Provincial IVtiMW *n. 4UBC > ‘■■■B 
l*4ti-a_.Cit» aw! Wwtcliff ..Prooi.- Dh. .f" 


•4t 


- *• 
1>A 


i ;a 


,...l 


4 -7 
4rr 


s 


I25ac 


Ltncjr., Coiwi.tfand .MWfand Tit Db. iWl PWrf ^^4-925 


Grert IWO.^IAS^L 


ereentanc* c*rt3. 2o9:.DD,Stig.^|dg. Bds. 


Lo^.T (V. J.) Db. 4bpc. ... 

Lrocs -j ; lh.. 3 4l»pc - r : - . 

M ard G Conwemcn Tst. Income T.Bp 

M. Income.. 1.9p 
MEPL- A xacFf. 1.57 Sol. Docs. S' 4*>c. 

.Las. 2; 4 k . 7 

M.K. Electric Ln. 34.oe • — • . 

M.L. 7KP1. 2.4SK . - r.-^ - 

M T J ^ & • , f etPfc *a%fcirifi ^W» 5takW^ih)37SK 

VcCorruTcdaieDAb. 4pc -Jamaja Blrxr 1?ai-83.4>pc 


with 


1965, Zpe.- DoL 4te '.Rentes 
wits rerentanre certiL 2 k 

• GreetlwJrtl 1-1 SdP^R^. ■W8&-3A 1 B 1 


iAa. 


.> 


Gulf £. Western Cifl*.. TTJjctS. 

A iSrooro 6 pc 2nrfpr._2.ipc 


— ■ '--T: 



• 9 


„ _ — . _rcup Ln. — 
5uC4.R6a4m*a.re 5*^53. 78-50 
piKLler s 5rewtr> 5 zpzPI. 1 92: 


B-rttrswocd Brewcm TocPtJ 
BuHertr's-Hjnrey 5 ':pcP!. 
_3!» 4-Vpc 


Hwwnl J)«c. 13. dc. 

aSpc .- ...aw -Jted. 1968-7^- 


■ -925PC. Ln. 


Cajs^r Urou-e Db. 3’,p< 
^jledcnian In*. 5pc A and 
ctar Gas Ob. 3 jo: 
wsmbr.an arc Generat Sec*.. 


8 Pis. 17 Sot 


Camden 1 1 kB£.'M ’ 24'jf 82 "'6 'foe* 

^ 3 '‘ ^ 

C £ Ti 2 *e‘x 1/1 T * <1 * e'aPcfff. 2J75pc. gpc 

C 3^i 0 ?W* ,iPCP, ■ 1,S75bc - Lns - *"« 3'l 
C edar lire. Tst. Ln. 4bK 
Central^and District Props. Db. 3)* 3 -lipc. 

Centre Hotels tCranstan) Db. 3L A'apc 
Gewtre war_ .il pcPf. 5 £pc . 

Centory Oils 7HKPI. 2.625oc 
Wares OJZn. ' - 

1 ZpcPrg.Pte. 6 k 


IZpcPte.Pld. 2 k. 


M«tro 0 eli!aa Railway Surpkn Land* Db; .., 0717 . 

Mueati««. rfSpgf. 1 .GZSk. , 

M °i Water. Boxrd Lambfctb WW 3ocDb..': ‘ ; ' 
fit IlAJSJ-SLIS? -14K-: "Da London- Bridge Anns. (of.:-L 

<£■ G ° 3ranty ™ -^0)^ia*n 

Mcr'roff- 5ocPl. T-75 pc Deb. 34, be 

KKmTiS: ^ SVl *\ ’ j3w*w3iobt j 

National sear Bride and Tfle Dea. -a lives 

N atwwiL Westminster Bank Ln, 4hoc ■ ' Paisley 

pr%£Si3g^"S: 

S7 * BC ' " ?«^™»:*.B«ol*m.D^. 1 3K.- 

Norcros 5 kP». Z.Spc 
N orth Atlxnttc Sec. Db. 2-Npc. Ln. 54«C 
North Dero- -Water Board 4 PC 1996 Zpc 




a^rtwnX^TfC)bb»,5hl»c) »tPf, 1 ^lispc. Do. 


rteen TWentr^iObt ' tw— -Db- '-J 3>* _ j .. ■ 

C. (7975^80) •- • •■* ' .‘J..:' \ u O L 

es Paoe^MpCiTJA •: -7 ire . — T L 

ley 9upc R*a. TSBZ-BC.A^K z, ■.. . - -4 , 




North ttA. F.) Db. 4pC 
• Deb.. T-b 2 pC 


Northern Anjertcan 


/tonoeU 1 '' I _ 


Webster t$ 


Dfi^ 3oc 


I^K 


BBC scores 
double 


FOLLOWING ITS success with 
The Spongers iff the * drama 
category, rhe BBC has also' won' 
the documentary award at the 
Prix Italia 'ntemalionai televi- 
sion festival in .Milan, with. 
CciRwlf?/. the first programme in 
the series Hospital — 

It is the second time the 'BBC 
pas achieved a double at the 
festival. - ■ 

Casualty, was . first shown on 
BBC2 last October, as one of 
the episodes in a series about two 
hospitals at Bolton, - 



insurance. 


One hun dred and tvventvfivefobe 

precise. *Tbat^ the current ma^er of allpaperworic-and drives tf required, 
organisations no\v 1 sasingRyderlmd^ Acontractinvnh^nocapitd -• 

on a jong-leEmbasis. investing— ju^aiaiownin^ tax.; 

t r ^ tl ? es o 0 ^?° ea §oodreasoii. -deduclible/iiargaAne^yvvayto - 

Iniart-feoeare three. - iraproveyourcashBowsitaationaii^ 

^^Uurpeople.Ourpack^e^Our j trsn^ortcostsfora^vfedeveac . -V. 

comrmtmenL ^^.tfaeresourcraiirbitmeoL 


iiiou,imacow*u*niiimuneob .. 

.L. O^peopie&sL then.TheyJsdowr Ibhaidle all ybuxtrahspolrihedi; ands*^ " r - v - -. 
tneirbnsmeSS.Taijcstiaisht. f&rfcnn . " ■ ‘. mflmrif Wbranrlnif *• .. - . r - 


^.Aft« J raiith^^;^ 5n0 - ;-;.-ta«onx£VVfecandoit. 


theworidsbigg^co^^^feid^ 


Hine.^ ^Icmeans a contract thataj^zi^: ■ 
you getthetrucksyou want Any. 
numtet any size., any timalWi© ; 
yomsfor a twelve month receivable' 


yw«;draa:tnaT50K a y; wm ius,toa 

Parfiilldetaiis, ring yourneerest 


COn *TC| C k ABlooking thetvayvou- - ? - 
wantmem to in vour awn-inner^. • 


VD^uuuiCWUjJI 

Anaydu^bei0g<^ooo^)an3t- 


senice, fuli maintenance, repau; :a.L- 



TneMwa^DWactKeRtafTrasSBanialtU.:. . ’ 
Ci*Hons*.6r/*)IUW5ri(V*Re«’ ( Gdbii - - .-- 4 • - 
- London W3'5TL.T»tOT-^993Si: . .... 


Mama 


PtMUon. 


■ Compary. 


■WOnMBppflC^bteJ -- -.rr. V 


1-i B u gjrwwfi M B a wiLa' zy.y 


r. 


— : 

.5 



i^ES: f. 




"5 rS- P. “ I, v s’. . , j'- ' -.'c} ’•jAx It • -'."- f..;.-."- • 





39 


AUTHORISED UNIT TRUSTS 



Alexander Fund 

jatf, too Scare Dane. LoxemhnutlL 
Alexander Fnnd_.1 1US7.47 j ... J — 

I K«t at set value Sepumber IX J ' . 

Alien Harvey & Ross lav. Mg t. (C.L) 
1. Charing Cross. SL Holier, J.r. . «' i DS34-7374I 
AHRCUiEdeFA-.ilOia 10.02] 4 1215 

Arbnthnot Securities (C.I.) Limited 

PO Box 331. Sc. Hdler. Jersey. 053472177 
II Cap.TsLiJerM-j-'- lliaO 122.0.. 1 410 
S M Next «loalLac jLue September ZO. 

S 14 CortSenlM 1100 102| ... .J 12.00 

4LB0 Noil tloaJiatJ d-i'.r- Si'Mcmkr 25. 

ajl Esri&TnLi TsL<Cl.'..J1220 12? 0^ J 298 

41! Next dealing dale September 28. 

518 

|;JJ Australian Selection Fund W 
JJ4 Market Opfwrtuaiiioe, cjo Irish Young k 
Oulhniilf. 127, Kent ill.. S><Jncv 

USSISbarw | VJ4162 i | — 

Net oasol value Sv.’Kumbcr & 

259 

3® Bank of America Interactional S-A- 
772 35 BooJevcxd Royal. Luvembourt; C.D. 

5.B Wldlnvest Jaetnao. (SU?1U« IMSI-OlTi 7.42 
Sg Prices at Sept. 21. Next sutx dale Sc pi. 27 

Banque Bruxelles Lambert 
7_7p 2 Hue Dc la Reg er.ee E 1000 Bruescta- 

Kcala Fund LF 1X528 1,986) +6( 7.7D 

Barclays Unicorn lot (Cfi. Is.) Ltd. 
1 R 1 1. Charing Cross, SL Metier. Jay. 0534 73741 

?-3 lovrroees Inrorne —K75 5fl3| I 1190 

2® [Uaidallar 1 Trust FliSW HT] ,„.J 3.53* 

l ulbondTrust- IllSBl'S 1CS.1 ... .J &60 

•Subject to fee and vrithholdini; taxes 

Barclays Unicorn InL If. 0. 35a m) Ltd. 

' i Thomas SL, Douglas. LoJl 0034 4858 

I'nicorn.Auat. BiL. B77 8211 140 

Do-AnsLIUn 57.4 40> 159 

■Do.Crtr. Pacific — 71.7 77J - 

Do. let). Income—. 39.4 CZAr. ..._ 530 

Do. I. of Man Tst 46.0 50 4 +0J a 70 

Do. MaaxMntna 1^.|275 29.8c; 140 

Bishopsgate Commodity Ser. Ltd. 

P.O. Box 42. Douglas, I.oJC. 0824-23811 

AJUtAC ‘SepL 4 — 15U527A ' NSI I — 

CANRHO--Scpi.4_tLi(55 113n..„J — . 

COUNT ~Sc.pl 4, ..pAK 2 547] j LZ3 

Originally issued at *510 ana **£100. 

Bridge Management Ltd. 

. P.O. Box 900. Grand Cayman. Cayman la. 

8 Shashi SepL I 1 V17.CH I J — 

C-PO. Box 590. Hone Kong 
Nipple id. ScpL ZlplS2a.tt Z^q \ 077 

Britannia Tst. Mngint. (CD Ltd. 
30Bad>SL. St HeUer, Jersey. OS34 73114 
Sterling DcnonlnaSed Fda. 

Growth Invest 133-7 4L8] +0.3) 2.09 

Intni Fd. kj.4 Ull) —5 Of 1.00 

I Jersey Energy TsL. 138.9 1«C -0.H ISO 

i I'nivsL STsL Stc £229 2.41 -0.Z«1 X93 

High lntStlg.Tst 18.97 XDC=( | 12.00 

l'& Dollar Denominated Fda. 

4S61 l.'njvii. STsL _.|5l'S£51 527-0181 — _ 

422 InLHigh lut Tst_|SI : S9.98 laid! .ITTj 690 
439 

439 Value Sept 22. Next dealing Sept 25. 

Brown Shipley Tst. Co. (Jersey) Ltd. 
™ P.O.Box M3. St Hdier. Jersey. 063474777. 
Jg Sterling Bond Ftt .. 103.34 ZILtffieS -| 11.73 

1 Butterfield Management Co. Ltd. 

P.a Box 195. Hamilton, Bermuda. 


Keysrlex fflngL. Jersey Ltd. 

PCI Box SI SL Holur. Jersey.. lEng. Ol-fiOBTOTB 

Fon&riex - FnUM IW...J — ‘ 

Bondselt-t ftsUiSl 1288 — — » 

K^wloi MU E7 JS — ■— 

Kryscl'-'X Europe. .. £3 68 — — 

KpjkcLis Japan — . C1U2 — ...... — 

Cent .Usvls Cap-- ■ £15890 +804 — 

King & Shsxson Mgrs. 

! Chart ng Cross, S l Hclicr.Jer3ey.UB3U 77741 
Valley Hie. SL Peter Port. Grney. i048l> 24708 
I Thuaas Street D-rui'los, LO.M. . 1 062 -4 14858 

Gill fund i Jersey' -|E9U 918) J UJ0 

GillTru^lil.o.U i- 1Q3 7 2084] J 1200 

Gilt Fad. Guern-teyJtSSS 9S7| — ,.| 12.00 
lnlL 6<wt Sen. TW. , 

First Si crime- 10812 18.241 1 — 

FirotlnU. ISl'anJB MIB) — J — 




Klein wort Benson Limited 

20 . Fccchurch S< . KC 3 01 CS 0 MD 

Endows*. .Lux. F. . „ X 150 SM 

Gueratey L=c 69 .D T3A 4 Jg 

Do. ACCU 3 L 85 1 90 .t 4.18 

KB Far East Fd. SHS 1432 139 

KJtlatL Fuad SGS 12 £ — 135 

KIl Japan Fund 51/59970 — ... 0 .C 3 

K_B U.S. G» 1 h- Fd., SUSHIS 0.60 

IS 

•KB net as Uandon paying agents only. 

Lloyds Bis. (CL) U/T Mgrs. 

P.O. Bos IBS. SL Holier. Jcraey. 053427581 " 
Lloyds Tit O'acns... 183.1 6 & 4 nl] — J A 67 

Next CMtaling dole October Id 

Lloyds BL EntnL Geneve: 

1 , Flare Bel Air P.O. Box 43 B 1211 Geneve 11 . 

Lloyds Int Growth. SfM 5 3«5 J lg . 

Uogda !dl lacuiic.|snSJ 507 . — ] 63 a 

H&G Greap j 

Three Quays. Tourer HUI ECXR 6 BQ. dl-flSS fiB 

AtlanlicSrpr IS— S 1 'SJ 21 1 E[] — — 

AuStEX-ScptM... SU£» 393 . — — 

Gi<LExAreiep 2 a_ jrnifl U« ...... — 

Jsinnd 14 X 2 153.3 + 0-2 93 -lffl 

tAccum Unltsi— .-{ 20 X 1 214 . oj e 0 . 4 f 53-10 

Samuel Montagu Ldn. Agts. 

114 . Old Broad St. B.G 2 . 02 - 588 B 484 

Apollo Fd Scpt 20 .l 5 F 4435 48 ^- 2 J 9 | 3 J» . 

JanlretSepl.lSi— . HKUW K«j —J DA 
llTGrpScTO-M — HSUS 1231 - 0.42 186 , 
JlTJcsCTaopiB- £567 620 [ — _J MB , 

117 JersyO aijept 13(02124 1 Z£ 7 | ] — 

Murray, Johnstone (Inv. Adviser) ' 
Jffl. Hope St. Glasgow. CX 042 d=J 5521 

-GcpeSl Fd. I 5 U 540.91 | J — 

•AlmrayFurid.'. I 51151239 ] — J — 

-NAV September 15 . 

Negii SJL 

10 a Boulevard Royal. Lnzesnboarg 
XAV ScpL 15 I SUS 1 Z 23 1 1 — 

NegH Ltd. ; 

Bank of Bomada Bldga, Hamilton, Brmrla. *.• 
NAV ScpL 15 (£682 — 1 — 4 — 

Phoenix Internetimssl 

Pfl 3 ox 77 . SL Peter Port, Gnerawy. 

lnier- Dollar FUnd^ J 2.43 XU] | — - 

Qsot Fnnd MngmnL (Jersey) Ltd. 

PM Box 1 M. St Hell w. Jeracy. 063427441 


Capital International S-A. 

37 rue Nctre-Dame. LaxeadMutg. 

I CaptUlJ InL F nnd j 5US19.Z2 [ __] — 

Charterhouse Japhet 

L PMernostor Row, BC4. 01-24838?9 

Adiropo. reauo rnupiffl tu 

Adivertu : DRW >30 EJ^+0.20 438 

Foodak DlGRlfl 3jid+03C * 91 

Fmdii DBM IB 2>Mfa20 507 

Em peror Food .— --- J ^ 

Clive 'investments I Jersey) Ltd. 

P.O Box 33). SLHelr.'r, Jersey. 05343736L 

1 Clive GIU Fd. (C.LJ .19.22 9.M .1 1XM 

CUveCULFd.Ua>J.l9.79 RSI] — 4 1X00 

Comhin Ins. (Guernsey) Lid. 

P.O. Box 157, SL Peter Port Guernsey 
InUd.Htn.Fd. |!773 193.91 | — 

Delta Group 

P.O. Box 3012, Nassan, Bahamas. 

Della lnv. SiQL 1B..|5USU6 227] — J — 

Dentscher Investmest-Trost 

PoGtfaeh2S85 BiebemssrfrlO (WO Frankfnrt 

ULE^railondsZlS^M — 

Dreyfus Jntercontinenta! Inv. Fd. 

P.O. Box N7712, NasKtu. Ba h a naa . 

, NAV Sept 10 I5E51U0 376£( 1 — ■ 

Emson & Dudley TetJUgtJrsyXtd. 

P.a Bos73. SL Srihr. Jersey. _ 0534X05B1 

EnLC.T- — 113X4 159,^ — 180 

Eurobond SoJdingB N.V.' 

Haedelstcde 24. Willemstad. Curacao 
; Locdn AeenLr: laid, 15 Chrixtaphcr SL, ECt 
TeL SlOt? 724X Telex: SU443X 
NAV per share September 22 . SUSZOlBQ.- 

F. & C. HgxL Ltd. inv. Advisers 

1-2. Laurence Pountney HUX BC4R 03A- 
01-823 4883 

CenLFd. Sept 13_| SUS6.75 | _...J — 

Fidelity MsmL & Ees. (Sda.) Ltd. 

P.O Free CJ0. Hamilton, Bermuda. 

Fidelity Am Asa...] SUS2939 | J — 

Fidelity InL Fund .. SUi'2433 I-L911 — 

Fidelity Pae. Fci — }'JS57JH I .... | — 
Fidelity WridFd — ] SUS1&H f-0.C4| — 

Fidelity J'gmt Research (Jersey) Ltd. 

Watotino Hse^DonSL, St Heller, Jersey. 

0534 27561 

Series A ilatnU I E4.15 [-0441 — 

SeriesB IPacifle) — ( £13.19 J I — 

Series D (AmASLij £l?i5 ] _....| — 

First Viking Commodity Trusts 

a SL Gcorge'e St, DcueUs. LoJL 

D624 «82 Uln. Agta. Dochar & Co.. Ltd- 


Richmond Life Ass. Lid. 

4a -Uhri StracL Douglas, LOlM. 062423014 

isyTbeSiinrr Trust. [138.4 ILLS) +6J1 — 
RichsK-nd Bond B7. 1C0.7 190 3 +a3 10.70 

Do. Platinum Bd._.|12?.4 libjj +0.9I — 

Do. Gold Bd Wl51 12J_1 -Ojj — . 

Do.Bo.67.'D3£d. Jli7.0 175.* +53 1X30 


Rothschild Asset Manag ement (C.I.) 

P.03W! X. SL Julians Ct Guernsey. 0CS1 30331 

O.CJ^Fr.Aug.3l_B7.4 fcJJJl X«- 

O.C.InaF’d.SepL L. 16X5 .17x3. 6 lKL 

Or.InU.FiT $136 L44 XZL 

OCScsCcFc/.ugSl. 1$SJI 163M 3Jtt 

Or. Commodity* • 1S5JJ «6 

O. C. Dir.Crad3-.t...Js23M 3046| 0.66 

•PtIcm on SepL !A Next decline Sept. 2& 

TPrl ccs tw SepieinberXX Next dealing October 

a 

Rothschild Asset MngL (Bennnda) 

P. O. Sox 634, EX o' Bcrmcda BkX, Bermuda. 

Bes^ne AafcjLs Fd.| SL’SM.3 I ] - 

Initial subbczlptiiai price until Sept 30. 

Royal Trust (Cl) Fd. Mgt. Ltd. 

P.O. Box lf+. Royal TsL Bae., Jersey. 053427441 ’ 

R.T. IntT.Fi BUSTS 1B4H IN 

R.T. Int'LiJfy.) FcL.fcj) 99-3 - — I 3-21 
Prices at SepL UL Nut dealing ScpL 28. 


52, Pall Mali, London SWI7SJH. 0I-6J07E57 

Fsi Vlk.Cm.Tst — [36.D 27.9rf ■ X55 

FstVkJObLOp.Ta-169.0 | 4.10 

FTeming Japan Fnnd SJL 
37. too Nctto-Dame, Luxembourg 
Fleming SepL 18 _J SUS63J1 | ] — 

Free World Fnnd Ltd. 

Butterfield Bldg., Hamilton. Berunnlo. 

NAV Aufi.Sl___| SUS194.91 ] | — 

G.T. Management Ltd. 

Park Hse, IS Flash ury Circua London EC2. 
Tel: 0I^» 8131. TLX: CSdOO 


Save A Prosper Interactional . 

Dealing to: 

37 Broad SL, FL Heller, Jersey 0534-20501 

• VA DaikrdmcElEdri Funds 

Dlr.Fxilnt-n — I9.J5 9.9M | 727 

IntmiaL Gr.*f (BJ3 aWl .. J — 

.for Eastern** BZ.B9 5728 .ZJ — 

Nbrth American t.K.U 4A5\ J — 

Sepop"* 11559 17-C4j — *. 

Sterflng-d ramln aied Funds _ +■ 

Channel Caplud«-.|252 7 26621 -22] 236- 

Chcaneilfiuadsb- 1595 167 H -L2 4.6? 

ConcodL _ 1324 1595 -.71] — 

SL Deposit ICO .2 390JB I 025^ 

St Fixed— J USJ 12X6] ,. „J 1X43 

•Prices on ScdL IB. «Sent 20. ***Se?L 14* 
tiVeokly Dealings. 

Schlesinger International XngL lid. 
41.LaMouaSt,St.Rellcr l Jcrcey. 053473588. 

5 Ail 151 K4 _... 8*3 

SAOL 0.92 0.97 4.64 

GiitFd. 226 22.J — 0J 1X06 

UiU.Fd. Jersey. ”1 117 344, 

latnlFtlLKTubrg. ... WSUI2 1223 +0U2 — 

•Far E&st Fund. . ._D02 102| ...Tl 2.7B ■ 

•Nesi sub. day September 27. 

Schroder Life Group 

Enterprise House, Portsmouth. 070527733 

I rtwiXlw nl Fends 

£ Equity 112316 133.4] ._..J — . 

M92 "1". — . 

Er ixed Interest 122 £ — . . 

£t£an#god 11M5 1-3.0 — 

SZianaged )l25JB 133.8) — - 

J. Henry Schrader Wagg & Co. Ltd.. 
120.Cbeapaide.ECJL 01-5884000 

CnepS SepL 21 5U313LZ3 233. 

Trafalgar Aug. 31 SUS14325 — 

Aasr. Sept. 13 ~ tVSHU OS 241 

Da.-lincTndh.ipG2. SAX 09 222 -HLOZ 4.63: 

Japan fil SepL 21.SDSK46 TB7 0.441 


London Agents lor 
Anehor'B’ Unlts._. H7S1S7 
•Vncbor Gill Edge- £9.87 
Anchor InL Fd. SU3524 

■Anchor In. J^. Tat. 30.0 

Berry PacFd. JUS 

Berry Pac Stxlg 529 P0 

G T. Asia Fd.. WKUTI 

G.T. Aria Sterling— £16.65 

GT. Bond Fend JUS' 

G.T. Dollar Fd. JUS 

G.T.PocilieFd. SUS! 


S1B7 • -XI5 ._... 189 

.87 9.93 -8 01 1X79 

3524 555 X39 

JO 32J -X2 X01 

SUSMM 173 

9 P0 34424 067 

KUH 1151 130 

865 17.B7 . ..J X32 

5US13.89 536 

JUS751 — 0.o7 0.67 

SUS16.4B -Oil 093 


I Gartmore Invest. Ltd. Ldn. Agt& 

2. Si Maty Aac.Londoa.EC3. Pi -283 3531 

C artawr Fund Mngt I Far Eat) ltd. 

15CB HuicblMn Hse. 10 Hhrtourt Kd. HJKonc 
HKAPae. U.Tat— BHE34B 42001-05551 L« 

Japan Fd. .Russia MSB! 850 

N. .Amenean T*l — SL’ 51X15 liS 150 

lotL Bond Fund — il’SUDS II 5^ 5.60 


P.O. Box 32. Doc situ. loM 08S4 23S11 

CanmorcinlL Ire .123 6 25.21 1 10 30 

Gartmare lull Grtb|772 S3 7] .... | 220 

Hacibro Pacific Fund Mgmt. Ltd. 
2110, CocnauRfal Centre. Hong Gone 
For EanSotL 20 u BlUOliS 162Z1 .. J — 
Funai. — PUS9U — 

Hambm Bank (Goenuey) Ltd/ 

Hambros Fd. Mgrs. (C.I.) Ltd. 

P O. Box 8d Guernsey 1-20521 

C.I. Fund 1157 0 1S7.U 3.70 

lEtnLBend 5V)S110&Bi U22fi B50 

InL Equity JUMI2X7 ZX55uS 2.10 

InL Srgs. ‘A* SCSlXOi JM* — 

InL Svgu. -B- 5US1L22 ljS .... — 

Prices on ScpL 20. Nest dealing SepL 27. 

Henderson Baring Fend Mgrs. Ltd 

OI5. Gammon House, Hong Eoog. 

JscanFd Fept2D. |lisan 37S| I — 

B Brinr Rend. Bond Pd. SepL 1£ St:S)0.44a 
■Exclusive of any prelim, charges. 

HiH-Stunoel & Co. (Gnernsey) Ltd. 

8 LcFcbvTO SL, Peter Port Guernsey, CX 
Guernsey TsL |16i.9 17541 -1 9| 3.40 

Hill Samuel Overseas Foad S-L 

37, Rue NoLre-Dome. Luxembourg 

tsrsoa an[*ooi| 024 

International Pacific Inv. MagL Ltd. 
PO Box R237. 56. Pitt SL Sydney. Anri. 
Javelin Equity 7bL.rSA2.41 253[-0 IhjJ — 

J-E-T. Managers (Jersey) Ltd. 

PO Boa 1H. Royal Tst. Hse, Jen*cy0534 27441 

Jersey Extra!. Tst.. |1V7.0 309.01 1 - 

Aa at August 3L Next sub. day SepL SB. 

jardine Fleming & Co. Ltd. 

40th Floor. Connaught Centro, Home Kook 
J ardine Erin. TSL... H 115575.52 1 afl 

Jordlne J’pn.Fd.* ... HK540X9B „.... 0.90 

Jardine SK. A.. SUS2C.46 XiO 

Jarduic Float lnL._ HilSIXC _ 

Inti Jac.Eocs. tine,’. HE5I491 — 

Do lArcumi HE 15 16 — 

NAV Sept. 14. — - - 


Sentry Asanzance International LttL 
P.O. Box 32G, Hamilton 5. Bermuda 
Managed Fund |5rEJ(6 235/ | — ’ 

Singer & Frfedknder Ldn. Agents 

28. LVmoon SL, EC4. O1-24BS540 

Defchfoads (DH7683 2OJ+02D( 606 

Tokyo Tst. SopL 1-.| SU.S.40i0| ..Zj X55 

Stronghold Management limited 

P.O. Box 315. Sl Heller. Jersey. 0534-71400 

Commodity Truri -J92.9J . 9722/ 1 — 

S or invest (Jersey) Ltd. (z) 

Queens H»o. Dm. Rd. St Helicr. Jcy. 0834 2734S 
American lcd.Tss_.IZ7 a 7=31+0.011 — 

Copper Trust 10X24 1X581 -D 05] — 

Jnp. index Tm JOX43 lLo5j+dW] — 

TSB Unit Trust Managers (CL) Ltd. 

Bagatelle IUL.SL Saviour, Jersey. OSK73404 

Jersey Fund [513 5«a J 4.43 

Gnernsey Fnnd ISXS 54.31 J 4.43 

Prices on SepL 20. Next sub. day SepL 27. 

Tokyo Pscific Holdings N.V. 

latum a Uanogeamni Ca NV, Cororan 
NAV per share SepL 18 SU-5.70.19 

Tokyo PaciSc Eldga. (Seaboard) N.V. 

latum s 3*a»agesieu( Ca N V, Curacao. 

NAV per share SepL 18 SU2SX14 


Tyndall Group 

P.O. Box 1268 B ami It on 5. Bermuda. M76B 

Overseas Sept. 20... BUSUS IM J 600 

'AcruaL l-'nitsi. „.BV5197 £23 — 

l.»,r Ini .Aim !*l 5 l 


Overseas Sept. 20... BUSUS IM J 600 

'Acrwm. Uniisi. _..BVS197 2M _Jj — 

3-Way InL ScpL 21 -iR'SLTI ^3] — 

2N«jSt,SLKdlor.J;jwy 0S343ZB1/3 

TOFSLSenL 21 _ £810 87M 600 

fAccum. Sheresi . £12.95 138SJ — 

American SepL 21 . riS V)S 200 

l Accumah ores' =? 0 95.51 — 

Jersey Fd. Sew. 2U. 2204 233.0 674 

I.NOKl. Ace. Ills.' .. 3120 350 0 — 

Cdt Fund SepL 13.. IK 6 103.61 XLQ5 

lAccum Shares' — Jj41 4 14=2] — 

Victory Base. Dtatfa, lute of Man. M24241U, 


victory daiEC.Drasbs, liledlEl 
Managed SepL 21 — ]1362 143.' 


Vtd IntnL IKegmst. (C.I.) Ltd. 

14. M oleaster Street. SL Helicr. Jeraey. , 
UXE. Fund ISUS1K57 1MJ5) [ 7.92 

United States TsL IntL Adv. Co. 

K Rue Aldringer, Luxembourg. 
US.TsLInv.Fnd. ,| SH51107 1-0011 0.90 

Net assets SepL 2X 

S. G. Warburg & Co. lid 

30. Gresham Strom. BC2. Iiumum' 


Next sub. OcL ft 


luivalent .SUS8XC4. 


Warburg Invest. ESngL Jfray. Ltd. 

X Charing Cross, SLB el ier.Jxr-CI 053473741 . 
CMFLbl Aug.ol_, IVS 1333 Big __ 
CUT Ltd. Aug. 31 £23 62 14 .l 3 LTj IT i 

?IcL3lsT3LScpt21- 0238 1263 +Ud — 5 

TMTScpL 14 IUSH« 11 * .J 3 I 

TMT UiScpL 1-1 - 10 X 39 1 X 6 ^ “j j 

*• | 

World Wide Growth KanageomCf B I 

JOa. Bculcvafd Royd. Luxcoboiirf, ! 

Wra 1 d 7 idkj Gib Fc^ SUS 16.73 |-oy _ 


NOTES 


Prices do iwt lcrlude 5 prendnm: except Bdiera mditricd «■, and an? in pence unleia ochAvriiM 
Indicated 9 lfclds % tchuwn In last «*lun>ni.«Uov: ter all buying expensea. a OtferedgrieS 
Include > 1 ! crponses b Tory's prices, c Yield based on oflerpnce d Estimated. K T(VdiiV« 
opening price h Dutrf butloa five of L'.K. taxes, p Periodic premium insurance plana- 

'"t** = Oftwad prier- .lacludca nil expenses except egendscmBnlaSnE 
OHurcd price includes all expenses if bought through mnnx;ers. t Previous ffi mW 
V Net at lax os <ohi«r «£Uj »«■ * SnajuSS 

J 

















































i, 

i* 

■S 


WDUSTRI AL AND COMMERCIAL 
CONSTRUCTION 



Henry Boot Construction Limited 
London 01-373 8494 Sheffield 0246 4101H 


FT SHARE INFORMATION SERVICE 


JttOTMiay 

/FOOD, ‘ 


BONDS & RAILS— Cont. 


BANKS & HP-Continued 


BRITISH FUNDS 


So* 


Price 
£ . 


UstlPreS 
ri I Cross 


Bed. 

Yield 


Dividends 

raid 


Stock 


May 1 
30J 31 


'Iffere* 

Dw 


Stock 


Price 

£ 


last 

a. 


Yh» 
Iff- I 


s-fllT 
• 17M 

".sex 

•III- 

15M 

3M 

It* 

isr 

13/ 

25M 

15J 

15F 

1A 

12 S 

4F 

2lF 

1751 

23U 

15J 

15F 

IGM 

15J 

53 

2234 

5Ju 

21 F 

1731 

iai 


“Shorts” (lives up to Five Tears 


aSTraamyll* 
17S TS«siuy~ 


26S|H«ttc4<«pc7M9_ 
U&e'Stt— 


y3peT3£ 

n 


*Stf- 


3N ITOasuiy 1 _ 

15N QecL-ic 3»®c T&-7H — 
3S Treasayftcl98Kt 
!4N rTea5ury9Gpc’BJ^ — 
150 Treasiny3!;«cTr.31_. 
150 Funding SipcTB^K- 
25N Exchequer I3pc ISSttt] 
15Ja Treasury iiftc iSGlft., 
15 A rreasnrj'SrtKKfiML 
10 Treasury S.pe 1981S- 

laDExctapc iffli 

4A Fxch. $jpc 1501 

2LA Exch-3pc 1881 

17N Treai variable lOW— 
23N E-ch.E»pclSBV 
15Jatrmfl>u 

15A rreasmy 


12J 

-153 

10J 

IM 

261 

13 

\ 35A 
. J3J 
- 15J 
' 1GJ 
SA 
22J 
■ 21 F 
25F 
• 141 
15M 


IBS ITOajuiyl' . 

15D Treas. Variable ICjj— 

5Jd rreasuryStpeTH. 

22S ExcbS^pe 1982 

5JExrfL%pet3B3 

21 A ExchSpclB 

ITS Treason 12peJC9B3ff_ 
18Ju|Treasury»4pc , 83 : 

Five to Fifteen Tears 


1013a 

9pS 

*1 


9S-3 22.7 


93* 

W 

103% 

100 % 

89% 

■ft* 

m 

Sg 

103 

92 

84 

106-, 

91 

93 2 

m 

101 % 

91 


3311134 
lli 3 22 


2LC 4.S7 
283 10.43 


m 


95 

IP 4 

35 

Si8l 


m 


10.1 

17.4 

84 

10.7 

10fl 

Ihfl 


17J 

lit 

12i 


3.65 
931 
9.62 
373 
557 

1258 

1146 

3.90 

10.09 

8.85 

9.97 

3.48 

9.76 

3238 

9JL5 

354 

13.03 

956 

9.07 

10.00 

9.67 

3.66 
1185 
1007 


840 

6.96 


7.14 

9.74 


737 

9.92 


10.29 

734 

8.99 

10.94 

1106 

838 

1134 

1120 

1144 

3.40 

7.73 

3155 

11*0 

6.19 

1137 

1112 

1122 

1165 

1160 

7.95 

1164 

1173 


■ 12D Exch. lOpc 1983* 
lSJa Funding S** -82-848- 
IQJu Treasury 
IN FondinpPtfJC ’SStfTtt- 

26J . 

1 Jumansport3pc 7888 — 


150 TresFiuy5pe'HH»., 
Treasury l-tpe 


MOH- 


15Jal 

lOJzfrteasiuy 1 l-'-ipc . 

50iFuodi ng Stye ’BT-Oi;*- 
22JajTreastny 124pc "92ft _ 
SlAfTreasUiy tope 1991— 

2SA fe^ pC ' a2 ' 

1 15S|f^S^ic' 


■Over Fifteen Tears 


- 23M 
IM 

7 22F 
177.1 

- 25Ju 

‘ IM • 

2IJa 

15M 

J5S 

3N 

35N 

■ LA 

• 323 
21A 
lit 
IN 
SOM 
20M 
15J 
19N 
22Ja. 
14J 
5A 

. 10M 
2& 

• 12J 


ZHtfrtwsoiy I3tipc lPSfta 




22A Eich. 

17N Treasury 
25Jc Treasury 
IN Gas3pc“ 
2IJiEicOJ*«pc 1995 
15N Treasury 
15M Treasury fac 92/1 
3M Treasury 15Vpc^6tt_ 
15M Exchequer URipc •96». , 
1C Redemption 3pfl9#«J 
22Ja Treasury 13>*pc , 97tJ - 
21F Exchequer felStf. 
IS treasury Rpcl9ST**_ 
IM Treason H<pc , »-88#. 
30S Treas. 15Gpc '98ft 
SON Eich.l2pc 1998 
lSJa Treasure Wax J 
19M Treasury li 
22JEn±.qpc»ffi fu 
14Ju Funding 3%pc 
50“ ‘ " 

IDS 

26Ja _ 

12D Esch.l2pcl3-’17. 



1A1 


-IF 
1J 
' LA 
5A 
3IqAJu.Q. 
1A 


|Consuls4pc- 


Undsted 


1 DnTarLoang|pi^..... . 


lOlConv.S^pcl 


30 Treasury 3pc 6B A 
.0. GsusoisSsc— 
lOfTteasraySaic. 



15F 


INTERNATIONAL BANK 

I5A.|5pc Stock 77-ffi_ | 82% | 7J\ 65 8 1 1056 


CORPORATION LOANS 


IF. 

imp 


.1511 I5S| 
lOMr. 10S 
15M 15MI 


Binnliaai 9%oc 7S€1_ 
Bristol 71ipc7ML__ 
G.LC.l»2pcKL 
Du. 13 jk 13® 
aasgov9>4pc 8 


JA. 

IN 
SSN 
1QF IflAuaJ 
157-tr 1LN 
22M 22N 

ISM I5JJI 
. UAJ.O. 

1A. 10. 

28F 28AudLCC6{|c78-1S 
1531 15SfDo5i2pcT7^l 

153 151 _ 

11J 

■10/ 10/ 

■1.MJ.SJ). 



. Do3a)C8184. 
lid Do^jpcHSSi. 
Doapc'88M_ 

Da3pc , 2d,\ft_ 


Middx. 5>.(pc 1080- 


\escaslJe9%x 7880_ 
SAISBO— 


Warwick 12>2 


94% 

63 960 
K4, 866 
3.41226 

JSi 

1 

101 1231 
204 10.03 
7AA 5.66 

gS 

17.4 10.47 
1? 1150 
1510.22 
267 621 


38 625 

80% 


714 

115 7.86 

69% 

24m 

126 9.90 
LF 1278 

93d 




102 

14.411225 j 


1141 

1154 
1187 
12.07 

1155 
10.04 

1142 


1122 

954 

1055 

10.38 

10.90 

1180 


, May i 
yisA i 


_ *24 Ass 

Iceland Sm: SIS 
lftJ|Ireiand7i^)c^]^3 
ls|DoBE4pc-fi^6_ 
Japan 4oe 'M .%si- 

ix>6fc'ms 

PeruAji3pc.^_ 

is-Gie^pcis® 

n^c 
unnG^pc 


lTJUUMUnOtf. 


50 

68 

S3*, 

80i 2 ff 

400 

72 

140 

DM91 
97 


251 

30.5 
126 
isi 

u 

Mi 

34 

30.6 
25 

17.4 

w 


4i 2 


7}z 

9% 


559 

1250 

12.65 

1256 


10.70 

217 

8.67 

9.52 

B30 

3.60 


VS. $ & DM prices exclude inv. 5 premium 

AMERICANS 


Dnirinfe 

Paid 


Stock 


Dir. ITU 
Grate Dvr 0's 


Apr- 


Oct (ASA 

jher [AUF5% Caw ’87_ 

MaJ 

ZaApJv.O. | America Exprea 
April Iatet. Medic. Iol_ 
December lAsarcoInc...-,, 


ffp.51- 

MrJu. S. D. Barnes OrpL SR] 

D.Mr Jn.SP. BendirCwp E — 
MJtSD. Beth. Steel 58 

JaApJjjCT Brown'gFff.cierj. 

McIuSeDc CBSSaaO. 
J-Apjy.O. CP.csb 

F.My-WuN. Caiermuarn 

FityAoN. cWirWttSiia_ 
MrJeSJJ. Chesebnuich 51 — 


MrJtLSD. 

MyAoN.F. 

feAu.NF. 

S&AnNJ. 

Fj*yAa..V. 
MaJitSeDe. 
■_LN*.Fb. 


OuyslerS&M — . — . 
dtirarp&i 


UcvIm.SLS 

Dc.Cm.Pri.C5V.. 
Colsate-PSl— 
toil Lids. Si 


IConLIllhi'iisSH) 

■Je^D. Icon t. Oil S5. 
M/y.OJa. fcrownZelLJS 
MJuS.D. teutiCT-eammerSa. 
FILIN'. Eaton Crp. 5050 
J.A • J.O&t K 
MtJd.SJ 3. ffixscnD- 

J^.pJy.0. 1 Firestone Itre i 

ApJy.OJa. First Owago 

J. Ap.Jy.Of 

Mr. 

MtJilSD. flATX 

Apr. Oct Gen-EIectSSz 

MrJtrSD. Cilice SI 

i>?rJu.S.D. Honeywell J15 Gl_ 
MJSD Button EJ. 


. Ap. Jy. 0! Fluor Corp’J^ 

XrJeSJ). (Ford Motor SI 


MiJt5enKe.tLEJa.Cciip.S5 

MrJuiD.|lnfiewjl]-RS2 


Ingersoll 

SDAUu. int.SjneBisiCou.Sl 
MrJ&SLD. LC.MaiatiouaH 

FJMyAuN.- Kaiser .UP; 

AoJoO/a MautHau. l^S7 30 
. Jj.O. Morgan l IPtUSELS 
!i F.My.Au. Nortun Sasm tacSLj 

MJaSJD. Owens- QL S3. 125 

Ju.OcJjA. Quaker Oats I’SE- 
March Reliance SOS 
3JU.O. Rep. .VY. CorpS. 


FJflyAoN. pieinonlS . 
S-DJMrJu. r 


nididsa-MritLSll* 

MrJuAD. SaulfB.F.151 

MrJe-SD. Shell ft! SI 
MrJe&Dec. SugerlSlfli 


AaA’.FJly. BgCT yJ Bat riS050. 


!MaJiiSeJ3ec.^^P! 

Feb My An Nk TemwcoM . 

I June Dec. Du.KftLLStk9i-S5l 
J. An. Jy. a TesoroPL CSSaiKj T 

IMrJe&D. Texaco SES^Hl 

MtJilSD. Time Inc. 


JaAp Ju-O. (Transamerica 3 L 


nSpDc|aLi.%ch.SUS_ 
e-SD-WS Steel J1 


MhJ&: 

MrJe_SJ3. WooJwBnbsS3%_ 

ApJy.OJ. Xerox Corp.Sl_ 

— XonicslBc Me 

OJaJVpJy. |ZapataCorp.Sc_ 
SlE. last Premlnm 

Con version 


Bit 30c 
15.4 5SJ 
4.6 $175 
3J $1.« 
Di 30c 
35 40c 
18 64c 
255 90c 
49 3228 
45 $100 
1A9 50c 

17.7 70c 
21.6 $100 
2L8 S2.40 
m S270 

14.7 $180 
275 $2.20 
295 94c 
83 5100 
265 $116 
57 $100 

3.7 $2 

17.7 S1.00 

17 $210 
275 $144 

7.1 $140 
48 5190 
2954S140 

25 $2.25 
129 $184 

8J $3.20 
285 5110 
4.9 SU0 
265 $120 

26.7 S3.20 
75 SL50 

26 

26.7 $160 
2U S220 
155 50.68 

«$l: 

S.8 $3.00 

26.8 25c 
158 95c 

7.B $160 

28. b $208 

215 $220 
317 76c 
78 $116 
205 yl 2t1 
95 15c 
D9 S100 
98 88c 
1LS 90c 
1174 — 

18 $1.80 
128 80c 
m SI 32 
7i SI 80 

7.8 52.00 , 
305 10%| 
14.9 — 

28 $2.00 
228 £0i, 
305 60c 
212 $200 
15 n.60 
135 $140 
291 $200 


19 

m 

la 


3.0 

2-51 


29 

0.9 

29 

I 


b 71 


li 


$2 

33 

4.0 


,Jan. Sept. 
, i*P» 
'July Apr 
Dec. June 
June Dec 
Jan. July 
June Dec. 
Jan. July 
Aug. Mar. 
May Nov 
Jon. July 
Nov. June 
Jan. Aug. 
Jose 

Sept Mar. 


J. A. J* O 
NOV.2&] 


MtrasoriFiu.SJp. 

’Jeram-Sees 

|Midland£i. 
Dt>.7.v»83S3_ 
Do.!lM,%!fr9a. 
Minsier .Vssels— 
Nat BtAustSAl. 
Nat Coo. Grp — 

NaLWesLD 

.ftehrodersD— 
SecranbeMCEl. 
ISmiUiSt..4uh— 
iSafflfdChartEl. 
iTradeDer.SI 50. 
BncaDiscLI^. 
L.D.T. 


Wells Fargo S5-. 
TcbjWndrcstSOp 


Trice 


50 

120 

360 

£82 

£88 

63 

238 

76 

268 

455«] 

220 

84 

42$ 

330 

46 

£ 21 % 

68 - 


Feb. AqgJcafie’siHdgsi IM 
Maj- CieffcreFr.lOoT 

— Credit Dalai® 

Aug. Jan. LMs&SrtjL2ti 
Feb. June LndScoLFinJ . 

— Mowgaie&it I'd 

Oct Mar. Pnw.FiamcuI- 
Star. Sept- Strlc. credit 10p. 

— SUirla ffldjs. jbp 

Apr. Oct [W agtia Finance^ 


Hire Purchase, etc. 



Yld 

Grs P it. 


CHEMICALS, PLASTHS-ConL 

Csrlftrslrff- 


DitlOr-ds 

raid 


5 lark 


JteS’ Kt 
Price i s: | Xef 


BiJ 7Z ¥*h. 


engineerevg-c:©^ 1111 ^ 

Jftite 


Wwhtds 

PPM 


Stack: 1 




May 

Dec. : 

Out 


Jan. (Ln» •Wuv'.Slp— | 
JuMIfcns.fJ.Hi:. 


.May 

Nor 


{MesrTrale&ii 


IjTar. Au^jaargsD^lS-i 


) November JVwris'rtw i i 


Stock 


iSv 

Net 


lywl iAur. Awj 


Orrj GrtJ RE j Oct" 


♦ : Apr. NT.’. flap « -! ;pci£I 

— Fell. Aug. DoS’*??.!!: 

56 Feb. AnuifaL tfas 


rci* 

— . July ■ Sy J 

— - Nov. Usp!VRkPi>fi) J 


19.3; .\ 

62 Jjav 
55 JnJ’v 

- jFeh. 
— , Feb. 

— ;May 

ai Apr - 
- 1 


Mar. Nor*EK:5a— 

Jut R*?S Wp:_ 

Sep! Jr^tvaWbi lOp 
NovJBeztuii lOp, 

N<*v. Beseriei 

Nov.TSrat Ag. isd £1 . 
Nov JSe-en-KasScs. 
OcL'T^narBafc :-n-| 
Cm. WmDe;3er.. ; 10p 
May Wdlsteahalnie— 
Oct Yorks dsns — 



135ih3i9 

12^3 

t055 
2lf:tLZ9 
3 fi 7.94 
ZIP, 14^4 



*r3an. 

, 8.71 Jan. Jni.vtBiaspayXlBi. 
7>117iJai!. JnMBTtDtaeBad. Mp 
SijlSi April firaKSCianiri! 

81; May . Oct iBnL AirminnaD 
, 72 July DedBAfeh Northrop 

33. * -Jan. Aui4&iS-an2^_ 

5-S 9.4- June Jan,!&w4itcmse- 

631 72'Ftefa. Nov.lBroasC 
4| W:Nov. Mayj&rtns! 


DRAPERY AND JSTORES 

.Mar. Aag i Allied Retail l(ip 


£70 

45 


3“ 

42at 


2UMU6 1 

k3q: 


Hi f4 01 
i4ei.9 
872 — 

12' R°4 
2Li ha% 
774 

18.9 L209 



BEESS, WINGS AND SPIRITS 


Sept. Mar-lAUied Brews — 


OctfD«tiIlers50p— 
L)htp_ 


MauSJ.D. 

FJJyAaJi. 

AJy.OJa 


May NodBowVallesB 


Oct 
FMyAuN. 
July Jan. 
July Jan. 
JJipJy.O. 
pJy.OJa. 
uSiyAuN. 
Apr. Octl 
Jan. JuM 
MrJeS.D 
JanAgJ.O. 
F." 


MyjvoJS T . 

MriaS-D. 


Jane Dec! 


10.42 

1126 

1134 


; COMONWEALTH & AFRICAN LOANS 


u 

1A 

.11J 

28F 

15J 

IM 

LA 

1SJ 


UAust-Sjpe "iT-® . 
lOlDo 5tpc81««. 
'*K£*c7Mi — 

Do GdcTMO 

!Da7l i Dc , 8?-8fi 


lip 

23A 

15Dj 

IN 

10 

15J 


lf39^pc796L 
Stb.Rtod.il sc ‘©-TO . 
Do.SpcTMT 


95 

82bff 

9?i 


95 

51 

75 


315 5.86 
3L8 639 
115 4.05 
2BJ 6.43 
155 923 
28310.40 
— 

1265 — 


10.74 

1131 

9.63 

1X06 

1X16 

1292 


1J 

u 

30J 

31D 

. IM 

IS 

-301 

31 D 

30J 

31D 

30J 

3QJJ 

ISM 

15N 

201 

2QJJ\ 

■31 Sir 30 S 

~31My 

SON 

“irj 

1U 

1U 

11J 

11J 

IU 


LOANS 

Public Board and IxuL 

it«.5pc'5M9_ 

mlOfjpc "83-^1 

|lht Wtr. $c“B’ 

1'ixM.C. 9pc 1982 

Da wilbout Warrants^ 


61% 

841, 


92 


Finandal 


15 828 
1551288 
18 10.67 
15 5 6.48 
15510X0 


1X48 

1330 


1233 


1260 


Do. 14pc79.. 


Deb, 8082. 

■81-84 

Uns.Ln.W_ 
llpcLnsln.88. ._ 
Do IlipcUnsJvL$0_ 
DaTWADeb'SOOt— 
Da7VpcADbV1^4_ 


30 Je 31 Di 
81 Mr 30S 

31Mr30S I DaSpcA' 'Si -Si 

38F 31A|DuB5kLb-®« 


102 % 

108 

1091? 

Wbd 

7ftfi 

93 

94 
97 
6SI3 

621 z j3 

74J4H) 

72%xd 


30.6 1265 
3.4 13.79 
2251320 
7.8 6-75 
U.4 8.19 
305 1X56 
3051X99 
3051244 
1X61X49 
781X60 
7.1 12X2 
10.7 1228 


1X58 

1286 

1235 

1UW| 

1X60 

1230 

1250 

12^0 

13.00 

1280 

2280 

12.30 


FOREIGN BONDS & RAILS 



Stock 


lAntoiosastaRiy — , 

DaSpcPreL 

Uoiiean JCied 

IDjDernan Vog.4^pc. 

1 N Greek 7pc .\st 

1A Po6pc23Stah..4s._| 
lOiDo&lOttdAK.. 



June Dec 
MJe&D. 
SeDeMrJn 


9.6996 (0.6899) 

CANADIANS 

*» 


[BUfartnalSa 

tt. Nora Scot . _ 
M Canada S25_ 


Brascml 

[Can. Imp Kt $2 

(CanJ%afic$5 

Da tec Deb. £100.. 

MI CW Canll 

Hawte-SidCaag- 
Hollinger S — 

Hudson's Bay r 

Hud-ROU G. $2^ — 
Imperial Oil): 
lllM 


[InLNjtGasSI 


*”*06= 


Pacific Pet 
[Place Gas 
Rio A1 con 

. Cac.E — 

jSeaKramCaCSl.^. 

F.MyAnN. JTor. Dom. Bk. Sl__ 
JApJy.O- [Trans Can. Pipe 


on US$x9739 per £[May 

“ ^Jan. 

Dec 


25.71 S1X2 






85|12^c 


30.6 $1 
2Z6 $L48 
285 97c 
2L6 4% 

3U $114 
1411 40c 
287 $206 
281 69c 
266 $160 
281 90c 
45 80c 
25.7] 80c 

2 li9L6c 


6.10 $108 
18.7 $150 
1« 92c 
216 96c 
2tH 103 c 


Oct 

Mar. 

Jan. 

Jan. 

Dec 


(Gordon fL) fgu. 


July Gough Bms. . 
Feb. &eenaiJ Whitley 

Feb. Greene Bag 

Feb. Gmnae£3 

July Highi'dDistaOp. 


Sept.UmaLDistPrJ0p_j 
Jan. July Baas Char' gioa_ 

Dec June Bell Arthur 5C4x_ 

— BdbareuBmray 
May Dec- Boddusdoos — 

Jan. Jnlj BenlerBrew'S—, 

Aug. Feb. Bniwn (Madiewg 

, ^Jan.- July Buckfey s Brew.. 

4 n] April Aug ButaenKP.)— 

August Bnrtcmwood 

Teb. Aug. City Lon. Del 

Apr. Oct Clark (Matlbewi- 
3 5 Feb. ~ - 

52 
3 3 

23 
5.0 
5.9 

11 

24 
24 

Jan. 

5.2 

3 2 

33 

12 
28 

P BUILDING INDUSTRY 

17 
3.4 

2-2 June Nqw.lAberdeeB Coast- 1 102 | 15514.63 
— Jan. JuW.AbeniawCan— 

3.6 Feb. OcLlAllied Plant lOp. 

3 J Feb, OctfAnni “ ’ 

2-0 Feb. Aug. 

33 February I 

4 4 May Dec.lBalfey Beo 10p_ 
tt.9|Jaa Aua. ’ 


Nov. 

Aug. 

Aug. 

Aug. 

Jan. 

May . 

Aug. Feb. Irish Distiller!— 
April Nov. Macallan, den.- 

[June Jan. Mcriandll 

June £aadeuiaa 

Aug. Scott & New i!Pp_ 
Apr. Too*" 

Aug. Vaux 

July Whitbread *A’ 

June WoJv.Dudley>_ 


Jnl.TYoang Brer A' 50p[ 


80% 

3Q 

167 

262 

48 

96 


124 

50 

134 

272 

66 

148rf 

205 

23 

55 

130 

310- 

162 

140 

137 

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380 

520 

60 

6512 

127 

129 

101 % 

230 

163 


266! t4.39 
7J 0.7b 
395 74.91 
17.4 5.0 
374 - 
-VA h2.o5 
Hi 3.55 
266 

126 L82 
247 6.70 

217 3.45 
7J 2.79 
1&5 5.81 
2U 73 


284 
30i 1266 
24J737 
266 t7.i3 
17.4 29i 

ae 2x6 

266 t335 
1A 4.69 
385 1264 
17.4 234 
MJ 3.46 

305 t4°08 
305 4.00 
126 T533 
126 


a 


a 

26} 

24 

29 

3.0, 

3-3 


(Apr. Ort.L4aberDffI0p.- 
. 9.7; Jan, June Afj-^asntanfcL- 1 

22\ — [Jan. June DaWap 

— [June JarL wLicSrouic life. 
10-1‘Aug. Feb. Rarer fStrs 10p. 
o.8j Jan.-Juiy SwOec Ssrer 

W.4 June Sent Beattie (Jl- A’ [ 

i 9.8(jiay Benulslfijri— 

|'U3>: • . _ BtauACon-Sp-] 

Feb. Sept EnardnanSiOsp 
Jan. June BoltouTesL^L-. 

pec May Brenner. 

Jan. July Era. Hans Sirs- 

Feb. Aug. Bnjsn«N53jp 

Oct Apr. BaConGro.50p_ 
Apr. Da , .VNVa^»«. 
Nov. CastrufA'aCo^ 
Dec. Casket 'S1I09— 
Ajar-Owrch. 


Oil 9.9i 
3.8 36.6 
4.4103 
291 4 


2.5? 42 13.4 
6.0123, 
4.8 133 
5.4103, 
73 18X1’ 
3.0 20X 
63 143 

5 - 9 - 
53 9.4 
- 15.9 
7 i 83 
3X122 
33 15 X 
66 83 
3.1 19.4 
23127 
27 9.9 
X8 27.4 
3.6 15.7 
53 9.9 

7.9 6.8 

3.6 15.7 

4.7 133 

5.9 6.7 
3.8 13.6 
3.0143 


AND ROADS 


TIMBER 


litage Sinks. 
Unas. 30p 

fcefrt. 


156 
36 
72 
254 
34 
12 

, 85 

. , — y Dec. BarradDer, lOp.) 119 
|-6 Feb. Aug. Beecinruod li»p_J 30% 

2X - Bsote20p “ 

3.C May Oct Benford a 10p„ 

3^ Mar. Ang. BettBros.20p 

43 Aug. Oct Btockleysa 

4.7 Oct May Bine Circle, 

23 Apr. Nov. BlmiJell Penn _ 

9-6 Oct May Bree*mLime_.- 
3-3 — Brit Died ging__ 


Nov. Brora Jkot 
JumBrownlee. 


A u . & 

- riOct 
3 “*Jan. 

S^June 
IfMay 


26 

47 

60 

83 

293 

-85 

102ji 

27 

236 

691,2 

51 


Jan. 




124 Cf—i 
z; Sept 

3.6 

3 -l 
22 


Jan. Burnett &K 211 

Apr. Bnrt Boulton £L- 175 
Jane C- Hobey A' lOp- 43 
July Cal nriwiQaBp_ 24 

July Carr (John)- 47 

Jan. Catron 60 

Nov. CenKdRurfstnoe. 101 
Oct Combes Gp lbp- 30 
J almost Jin R— 


May 


... ,256ci| 

AprJCoMtrjodeap— 43 
Octlcrossiey 3Wa J 104 


X4 


241 


a* 


SJE. List PTerniam 42%% (based on $23115 per £} 

BANKS AND HIRE PURCHASE 


Dbidods 

Paid 


Stock 


Price 


fl 


Drv 

Net 


Cvr|S|Pff 


JuhiANZjAI. 
JubiMe 


Jan- „ 

Apr. JufcjUlrandmD.il 
May Aug.LAlgemeneFLIOQ 
Oct Apr. AlfenBamyQ- 
Dec June Allied Lish — 
Dec. June ArbuthnotLil— 
Mar. Sept BjnkAmetSUSSJ 
July Jan- Bk-lrdandil— 
Mar. Sept DaI0pcCooY__ 
May Aug-BtLeamil£l_ 
Aug Feb. Bfcleuml(UKEl 
Jan. July Bk.K3.Wri " 
Nor. May Bans Scotland £l 
A. J. O. Ja BankesN-VSlO. 
Apr.Oct Batctata. 

Jan. July Bnr*a Shipley El_ 
Jan. JuIyCaterBy ... 

S Nor. QireDis'nl3DD._ 
Sept- Com! Am. (Wit 
May CmtfzbkDttlM. 
March rhgn^btSrlW 
July Oct Conntirian Ito_ 
May Cred-FrancePn 
Jan. Apr. Dawes (HR.* — 
DstabetokMO). 
F.C, Finance — 
First Nat lOp — 
Da Wms. . . 
Fraser Arts. l(Jp- 
Jnne Dec. Genard Natal— 

May Nov. Gibbs (.VI 

Mar. Aug. Gillen Bros. £1— 
June Goode DIMryXp 

Nov. April Griodlays 

April Oct GmrmessPfeat-.- 

Dec. July Ramhros 

Dec. July H58 Samuel 

Do. Warrants—. 
Sept Mar. HoueShngJLSO. 
June No\-. Jesse! Toynbefi- 
Jan. June Joseph (Leoi£l._ 
Feb. Aug KejwrUllmann. 
June Dec. Krag«tSJm20p. 
May Nov. HeinwartBX.— 
Aug. Apr. LluytkH - 


342 

2H 

m* 

325 

235 

173 

£ 20 % 

445 

£200 

15 

170 

670 

280 

£26% 

348 

248 

285 

77 

232 

£26% 

£17% 

29 

£ 20 % 

17 

£112 

66 

4% 

ll£ 

186 

54 

225 

2*2 

136 

232nJ 

198 

97 

350 

296 

62 

200 

51 

64 

105 

260 


1261 tQ 18c 

»Tll' 

a.jL 

a|l023 


53?^ 




17.4 
303 
71 tl32B 
126 9.41 _ 

30.5 bl7.17l 
25(485 


7-3j 




018% 
251203 
97« 


S7t 
25 8X9 
25 223 
n i5.4i 
17> 0X3 
ZLl 279 
mi loji 
24.7 9J6 
26.6 4.97 


4.9 
2i 
10.7 274 
305 0.67 
25X3.44 
3.4 t4X8 
M.T|t923 


251 44,4 


1^ 


3-6| 


5 J 


7Xl 


2il 


7x! 


48l 


H 


Jl 


a 


m 


23 


s 


m 


a 


6.7 

103 

o.ffl 

3Xj 

7.4} 

7.7 


63 

2« 

ao 

6-li 

53 


M7. 


7A 




22(J 


48 


5.9J 


Oct AgritfCnxid] itt iXip. 


Slay oct crouch taoupw 
Apr. Oct Douglas IWtt, 
April Oct DWtangGJ150j»j 155 

Dec.* June FP.A. Const’ll _ ^ 
Dec. June FaircloughCons. 

Jan. July Feb. Inti 10p_ 

Jan. July Do. '.V 10p_ 

Nov. May Fed. Land & Bid. 

E tTrlrm (lnhni 

FraarisPkr. __ 
October Frauds fGX.)Wp 
an. JniylFreDciKier 



Apr. Oct |G<dIifqnl Bt5^ 


.May Gibbs D - *- A 

July reb. aeeson!Rj.i 
July Oct aossopW.AJ.'— 
Feb. Ang. CgbCboperCOp. 
Mar. Sept RA.T. Grp. 10p_ 
Feb. Sept. BdiealEar__ 
Jan. July Head'sn. "A" lOp. 
Jan. June HewdenSLlOp. 

Jan. July] DoiTpcCom. 

, . Wm.50p_ 

Dec. JunejffiggsiHiO — _ 

July Hoverinriumi 

July) DaBes.\lg._ 
toward SbtdlOp 
Dec.lLDr^. 


19 
74 
26 
25 
45 
31 

20 
47 

S 

« 

64 

3 


24^44.19 
lag td4.o 
4*298 
329 43.47 
A] 55.71 
V 557 
111 0X1 
21 M3. 55 
K 1 dL79 
155 dX79 
34 1233 

Ip 

3^1 

w 


X5L5 6.86 
26.6 0.72 
m 4X7 
T0J 7.74 
3X 237 , 

25 ts ia 

26.6 XB3 
875 — 

Vi tlB5 

UUtdl.73 
126 3.88 
.4.1 19.48 
M7 1293 

m tsxs 

1L76 - 
17.4 X02 
26J 230 
17.i t229 
2U d2S9 

24.7 dIG.15 
305 167 
25 X34 , 
30 l 5 (dkO 921 
V.i T3.63 1 


3.91 6.8 5.6 
3.91 6.6 5J1 
67 (6J)> 
9.0 14X 
45 5.8 
10.4 10.4 
t 123 
5 8 135 
10J 53 
8.9122 


4.4 
b3.8l 

4.0 

3.4 
h2 

17 


"la 


65 

£360 

154 


1203 

1534.43 

153hl09 




Jan. 

Jan. 

Mar. 

!Apr. 

Nov. 

Apr. 

an. 


Mat 


_ folmsen_ 
[int Timber — .[ 
I.RBoMuet' 
T.CE& 


; April Sept JaivislJ.i. 

Apr. Sept letun^SAObe. 
,Feb Ang. JotuBoo-RieiijjcB. 
|JuIy Dec. Jones Edwd. lOp. 
May. Nov. KentiLLP.ilOp_ 
Dec. July Ufarge SAJ100 
Nov. June LaingiJoiuu-A". 
iJan. Aug. U&amU.iil.— 
May Nov. Lawrence iW.i_ 


133 

188 

136 

62 

26 , 
170ml 


9-^Aug. 
Apr- 


Dee. 


Nov. June 
|Jan_ Julj 
Apr. NovJ 
July NovJ 
Apr. Aug. 
Jan. Jun 
Nov. Jun 
Dec. Apr. 


biwituap.. 

«d Paint 
FJ.C 

Brick 

(V.J.v 

irilJ&oup^ 
Bet&SthniL. 232 

jnson-Denuy 54% 

liandar iBld5)_ 

- 'Uriel 


11 

37 

£36% 

214 

12S 

109 

92 

93 
79 
71 

123 

41 


2d 3X0 
29211 
2g2U- 
i3dX74 

:8? 
2LB7X5 
155 hlJB 
277 4L51 
18.9 S9A1 
3 j 
24.7 
Z7i 
25 1209 


Aug. Mar. Harley. 

Mat Oct HarsnaUsiHho. 

Feb. Aug. May i Hassell 

Mar. Ang. Mean Bros. 

'Jan. July Melville D. 4 ff._ 
Feb. Sept Meyer (UoolUl 
O ct Feb. 


Nov. MiileriStanilOp. 

Apr. afiicoxrete — 

May Mod Engineers . 

July Honk(A> 

July Howtos (JL. 

Jane NewaitiuliEl 

July Nonrest Uoist — 

Aug. Feb. Nott Brick 50p_ 

Apr. Oct OnneDsvs. I0p^ 

Nov. July Parker Timber—. _ 
Feb. Aug. Phoenix Timber. 152 
168 


Apr. 

Oct 

Nor. 

Jan. 

Jan. 

Jan. 

an. 


98 

*§ 

139 

77 

19 

45 

93 

54 

X6 

74 

38 

107 

234 

176 

99 
308 

56 a! 
106*1 


FINANCIAL TIMES 


Jen. Jufy 
(June Dec.lRAC 
Jan. Oct 
Oct MayjR-fti'ds. WaU lOp 
July Dec J RobertsAdlanL. 


BKACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 48Y 
Teleu Editorial 888341/2, 883897. A d verti s ements: 886033. Telegrams: Flnantuno, Londm PS4. 

Telephone: 01-248 8006. 

For Share Index and Easiness News Summary In London, Birmingham, 

Liver pool and Manchester, Tel; 246 8826 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 


Amsterdam; P.O. Box 1295, Amsterdam^;, 
Telex 12171 Tel: 240 555 


Birarinetaam; Umcje House. George Road. 
Telex 339690 Tel: 021-454 0922 


Bonn: Fzesshans 11/104 Heussallce 2-10. 

Telex 3889542 Tel: 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2940. - 
. Tel: 938510 


Dublin: 8 Fitztt-iUiam Square. 
Telex 5414 Tel: 785321 


Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-228 4120 


Frankfurt: 1m Sachsenlagcr 13. 
Telex: 416363 Tel: SS5730 


Johannesburg: P.O. Box 2128 
Telex 8-6257 Tel: 838-7545 
Lisbon: Praca da Alegria 58-ID, Lisbon 2. 

Telex 12533 TeU 362 508 
Madrid: Esprooceda 32. Madrid 3. 

Tut 441 6772 


Manchester Queen's House. Queen Street 
Telex 666813 Tel: D61-834 9381 
Moscow; Sadovo-Sarootechnaya 12-24. Apt 1& 

Telex 7900 Tel: 200 2748 
New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66390 Tel: « i2i 941 4625 
Paris: 36 Rue da Sender, 75002. 

Telex 220044 Tel: 236.57.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: 253 4848 

Rome: Via della Mcrcede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: e!o Snmk» Dagbladet Raalambsvagen 7 
Telex 17803 Tel: SO GO 88 
Tehran: P.O. Box 11-1879. 

Telex 213930 Tel; 682608 
Tokyo: 8tb Floor, Nihon Keizai Shimbun 
Building. 1-9-5 OtenwcbL dnyoda-ku. 

Telex J 37104 Tel: 241 2B20 
Washington: 2nd Floor. J335 E. Street, 

N.W.. Washington D.C. 20004 
Telex 440340 Tel: (203) 347 8678 


. ADVERTISEMENT OFFICES 


149 

171 

90eJ 

102 

90 

23% 

40 

46 

as 

187 

39 

49h) 

46 

9 

25 

146 


Rohan Group 

Dec. July RowlinsoaWp*. 

July Nov. Rcncn Group 

Nov. May Rubarfd 

i Jan. June RnrbyPA'emini 

Apr. Oct SGB Group 

Dec. July Sabah ■naoerlOp. 

Oet May ShaipcA Fisher. 

Dec. June Smart U.' JOp. 

Ckt May Son them Cun. ap 

Nov. JumStreetcrs lOp 

July .Nov. TamacoOp 

July Oet Tayiof Woodrow. 468 
OcL Tilbuxy Ctp£L_ 310 
Oct rransAA-noM. 194>ri 
Aug. Tunnel BSOp — 312 

Aug. CBUGreup 71 

Feb. Vectis Same top. 38 
Oct Vibroplani — „ 195 
Oct. Ward Hldgs. top. 39 

July WarriiKtt* 61 

Nov. fcattsBiate — _ 123 
July Weibrick Prods 62 

JunefiyetteniBros 85 

Apr. Se 
Nov. ' 


L71 


May 

SSL 

Feb 

Aug. 

Mar. 

Apr. 

Dec. 

July 

Jan. 

Man 


FJES’lBSCcm.top 37 

nisowCorawUyi X47ed| 
ImpeyiCco) 98 


57 QlfeJFlf 
M M525 
247 fflJI 
17.4 6.60 , 
7th H6.74I 
155 t3J6 
17.4 2.54 
17.4 3-28 
79 3.95 
5177 — 

78 99 
155 2.B3 
25 2.58 
27J! 15 08 
12b <253 
2L8 d556 
24.7 3.11 
301 ±1.78 
15: i74 

24.7 4.74 
266 hZ44 

25 d0.76 
49 t3.24 
25 274 

10.7 356 
25 6.60 

d4.91 
12b 4.65 , 
m tll.721 
189 412.661 
18.9 6.08 
2L8 4 J3 
155 td4.6fi 
VIA 5.36 
U 4.25 
18.9td4.571 
155 4.39 
J9 3.75 , 
2b.t dh062j 
305 152 
17.4 2.29 
26 1 M3.96 
7J ±5J3 
155 1.65 
189 hL92 . 
126 tdZ.03] 
477 — 
ae L72 
25 9.95 
U 7.72 

17.4 Z0.34 
U.9 <J3.87 

1L14 
126 4.37 
2bc tl 50 
2L8 10.69 

4.4 d268 
155 3.18 
17 .4 h2M 
12fi 1.52 
226 ts.29 
24.SZ61 

215|l66 


3-7} 


53 

_ a|(821 

5ij 

0l|l02i2O3 
fl R5 

si 1 n 


13 

32 

28 

25 

35 

21 


Oet 

May 

June 

Oct 

Nov, 

Jan. 


JnlyfCemb. Cng. 13^-1 
JulylCope Scats 5o„ J 
jCOTnell Dress 5pL 
Slay NavlCflnrts'A’. 

June Sept-K _ . . 

July JanJCnstocasiclOp^l 

Jun. Nov.lDctriant 
Mar. OctlDisuas Photo ICp 


June Nov.lEliis&Gotdjp-, 
Jnne{EmpireSors_ 


5.9) 5.8 
431 9.4 
7.0j 53 
4,ffl 92 
5.2J 7.0 
7.81113 


Nor. . 

Jan. Ju]>jFKrdaieText5p 

Jan. July) Do ’A’ 5p 

Jaa. Jura Fine AKDeraSp, 
May Oct[ FoidOfrin) iOp. 

Jan. JnlyjFosterBnx 

June Dec.l?TOeinans : lJffl>- 
Apr. OcttGtifEri.Aj.i20p. 
July FebJcoktoerjA — _ 
Dec. JimejGoodann Br. 5p. 
June Ncv jGraltac Wan- 

Mar. DecJGt L'u:ral 

Mar. DecJ Da'.Vttd. 

Aug. Apc.k^e.UiHeasK)p. 

Jan. OctlEanlyfFnniJ 

Jan. Oct Da A' NT 

Sept EeieaeLonlOp. 
Jane Dec. Da 12pcCrr.Prt 
Feb. Oct|Hendcrso3K.20p_| 
May Nov. £enriqnaA!0p. 
Jan. Junelflep^ihu.tr 
Apr. Oct Haae Charm 
Dec. JuMfioore d Fraser. 
Nov. J unei Rouse cfl^rose. 


8 0! 0.6 20.4 
5.0 143 
62103 
20 55 
B.7 65 
5.8 114 
85 6.4 
3 JO 13 
93(159- 
. 4.4 9.3 
119 83 
14 9.0 
43 -14?. 

6.0 ,S36' 

53 5 0 
6.6 (9.1 1 
53 * 

5.5 50 
8.6122 

4.5 9.9 
73 83 j" . - 

i03 83 reb. 

I0J 28 gUy 

7.9) 8.4 gep. 
ISUl^an. 

aft 


_ 7 A 
7.01 63 
_ . 93( 63 
L4j 103j 10.7 
73| 73 


iScigt 


Oct 
Jan. 

May 

May 

Sept Apr. Liureft , _ 
Nov. Apr. MFIPsnnnreiOp 

Mc^sllb 

Jan. July Marts & Spence- 
Feb. July Harm News 


Nov.lDo. Sen ttg.CrtJ 


Jan. Julyiilerttiesdi 

— ftS5eliJi!0o_ 


Feb. July MaiSdueaLoCp. 
July JutMoUierearelCiL 

July Feb. SSS News idp 

June Dec. Own Coen 

Jan. July Paradise iF-Kb. 

Apr. Oct Pawns iWi.i3_ 
Jan. Apr. Peters Sterss I0o 
Polk Peck Wp_l 
Feb. Sept rTOedriAifred:_ 
Apr. > Jet PoteaE E.£.‘ 5p. 
Dec. June Rmtar Test 5p_ 

Mar. Sept Haliers lOp 

Mar. Oct Baibeck'.l^ 

Dee. July ReaiSratSa 

July Dec ^Eeed Ante - A'_ 



2^155 
7£j<M2 
2fi2hd03£ 
25f|6hl55 
355236 
-.7.^712 
E7rl — 
« dU39 
2211 C.63 
155 328 
255 636 
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Jan. 

July 

[Jan. 


CHEMICALS, PLASTICS 


May AKZ0. 

Dec. Algicaleloik. 


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June AlidaFack>i)p_ 
Apr. Sept AIldCMaid ... 
Nov. Anchor Chem _ 

. Not. Bayer ATlSKSDl 
O ct Apr. BlagdeaNoatas. 
Nov. July BreffOieinslfip 
Mar. Sept SriL Benzol top. 
Feb. Auc. Brit Tar Prd. I . 

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Jan. July Cartas Ciri top.J 

[Jan; May Calalin ? 

Dec. JuneCibaij-j.'vTJ^Ln 
Mar. Sept Uo8VnrtlW. 
Mar. Sept rm^vnvBffi 
i'oalilenienL_. 

Jan. July Coales Bww. 

!Jan. July llu TVV 

jSept June ’.'wriHiffnceiSp. 
iJan. June irod# int i0p.„ 

« May UAstaLueSp 

Feb. Oct Ellis iEieranL, 
Jan. Auk. Enalun Hashes, 

July Farm Feed- 

IJan. July R-wiwf.1 ... 
May Not. Halstead 0.1 lOp. 
Aug. FeKHksn Welch 50p. 
Dec: May Ho«±StDM5_ 
jJiiue Dec] fcauWMte j 


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ENGINEERING 
MACHINE TOOLS 


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3.4 24.6 Jan. June vfcfaersEi 1 

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45 8.6 Jan- 

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45 <{> Jan. Ang RbwayWcm 10p_ 

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March CJanfieUljar.. 
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174 


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146 
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INV. TRUSTS— Continued 


FINANCE, LAND— Continued 


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Mar. Sept 
Apr. Sept 
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motors; aircraft trades 

• "Motors and Cj cles 


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UK. Property 
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523 Dec. June Can.* F<in-:?n_ H 8 
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, 35 Aufr Apr. Mwl lnt 123 

3L5 June Dec S? da !i r , av i 71 

a May Cjanil! Int£l. 360 

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j. 1.403 Aug. Mar amcr Tner. .- 61 

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Apr. Oct DratV'n C-*p.>! . 

May Dec Do C*a* 

Apr. Aiis 

23.9) Apr. Aug. Dn Prec-lcr_ . 

Nov. Apr.pulwtf lac 


7.6i 


SHIPBUILDERS, REPAIRERS 


(Feb Anr. 
AuKUst 
une Fcb.| 
IMay Jure 
Duly 


lERF.lWdci- 
FodansSB*;-.. 
PcakimcSi lOp 
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l«. JuncBlWKiEnK.10p. 
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Apr. Sept Dawfy SOpL. 

Jen. July Dunlop Sip 


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320 

61 

69 

130 

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25 538 
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6.7 6.7 Oct. 
27 65 Doc. 
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95 


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SHIPPING 


Aug.( 
Dec. 
May 

Jidy) 
. Oct.] 
July 


[FlsbrrrJi — . 


158 Jan. 
4.9 Inu 
144 - 


37154.5 . July^ 


1421 Nov. May I' 


97 Jan. 
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651071 Apr. 
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fa.9) 85 


July 

OcL 

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RrtudoaSra.50p 


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3.9 

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Mar. 

Apr. 


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SepL A prilt Adams ffihlm— 
— L-liCMBdeRSA— 
1 Ntw. '* 


Hh™. 
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46 
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SHOES AND LEATHER 


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*■»« «Nov. Mayj 
“ June Dec 
5J ll Apr. OcLi 

88 -'!* Apr. OctJL ... 

Oct. AprilbHwrlGl'.V 
5-5 02 Jan. MaylPittardGrp 

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8.7(371 
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July 

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Apr. Oct. Man in iR P 1 % . 
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October N-MCJm-j. I2*a> 
— SipponFd.S'i :i>pl 
— ParambelOp. 
May Dec. ParkPl.ieeini—. 
June Nov. PearsmiSi&Soo-.! 
Not. July Sl Georee lOp. - 
July- Dec. Scott Merc. 'A 
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in mu « March OcL Simzji Eres. 

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lias 12.9 


OILS 


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26 « 7.87 


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April EdBibures Ml T ;1 135 
Jane Dec. Min. In- K.£L_ 245J»| 
Jan. July Bertra lav T<t . 124 
Feb. Aug. Beat *le.t .. 83'*? 

Nov. Juft Bm “ ImernatL “ 
Oct April EiuttM T!t*t_ 

Sept Mar. Eac&s^ff lr.T_ 

Jan. Scot Equity Convt I* _ 

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May Dec. EpUV'.ne. 3|jp 222 

Dec. Jute Estate Daic*—. 84 
Ofiobo- F.tC.E'iTiVUM. 55 
May Nov. Runihrlr.. Tst^ 102al| 
S-TK. Apr. Fto&’ii Air... 102 
" Apr. Fnreim 4 Cal— 137 


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. iSS.'j - 

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May 


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Feb. Aug USUni4ViS81«!| 
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Premier Cool 5p| 

Eancerffil 1 

Renmld.tDit.1c. 
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Oct Apr 


JaWF.U.R.Li:te?5i.i 


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Feb. Aug. 


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Jan. 


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Do7iPf.H_.. 
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July Do.7pcCuv.£l_ 
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ba PfiiBl !0cJ 
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100 

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H'69 


6.84 


5.6*?. 

QB^i 

2.67' 

OKJfr. 

1.02 

h465 

03 

QM’i 


214 


Q357S-J 


l£9tl5.94 


4.9°« 

Q4^%| 

tL34 

J»l): 

Q15VC 


$ 

44241 


3.1 

l"9| 

36 

30 

153 


30 


2 « 


43 

1102 




6 .M 1551 


12 . oj 


6.4i 

£4 

L3| 
7 7| 
04 

ei»4 


1 ^ 


58 


4.2 

1L9 


60 
65 5i 
92 

10 . 

63, 

16 


323 


167 

66 


. Do. Conr. !<>p 1 150 

AprfcaLlMMcTS— . 


I ^ 1 Dec. June Gen. Scottish 

— Jan. Sept Can-STiidri. lSjp, 

- Mar. Aug. OasgmrSt'hl.L's- 110 

Apr. Nov. dundereE In'-' (l0£* 

— Da ~A" — 

June Fcb-Ocnrntrevlrv.. 

— . Da'Pitid 

July-Jon: Qflhehv.... 

July GmiettETrpe^ 
-rviauir. sept GkaiceTrust-. 
M|SepL Mar. GL North b i.v 
5-2 March Beenfrt.-Jlre .-... 1 
UllJan. June Gresham Inv. _ 

SepL fiEiwplinertnrs.. 

July (tartfcmh; 7f— 


1141, 

17« 

406 

92 

14 

34fl 

125 


73 

110 

7J. 

+14^ 

lttftel 

w 2 

18.9 

1.66 

80 

17.4 

L73 

76 



126 

766 

508 

67ft 

m 

7 83 

S3 

M7 

tl-13 

109 

266 

+391 

102 

30.1 

t47 


532451 
55 27.01 
2.7 * 
33 37 2 
2.6 4 


July ENiWlfna& Mp 

July BocsteadtlOpi— 

_ I _ I _ j _ I Nov. June Finlay (Janes;— 


OVERSEAS TRADERS 

(African La kw__ I 300 
AifSL Anic. 50c- 112 
OcL EfcrirfKdSitf.lJ 162 


3.2)477 1 Julj Dec.' 

AOR. Dec 
Apr. Sept, 
Sep. Apr. 
January 


e ffK 

biiip | 

iHumcHids. "A", j 

fDa-B- J 

IkrtundJ'.. .. 
Da* 


176 




7.4 


^ H H Apr. Sept 

| » nt Ba 
ssSapE 

H Feb. Aug. 
3.0 n» Urn 


SOUTH AFRICANS 


* 


L7T183 
L2 32 


Dec- 

May 

May 


AbereunRfljOu. 
,\ndoAm.ln.R] 
.W. Tr'c Ind. at 
GoWFkts.P.24c 
Grtmns'A'.’ilic— 

Hulett'aCpn-RL 


Dec. MaylyKBatasrsSOc 
March SepLuMraresc 10ct&. 


JRb Uwton m] 

JuIvlS-A, Brtfws 20c_ 

Nov.jTigerOatsai — 
NovjUnaec 


108 

560a) 

343 

70 

155 

105 

420 

63xd 

680 

frfad 



14 

6 

4 

4* 

* 


9.4 
6.7 

8.4 
43 . 
8.0 * 

13.9 


iJT a 

6 


..iii 

83 
4.6 
97 


Dec. JuneportastriaJtGHL 

u-llSepL MarEiten^lInv 

Sept Apr.tta-.iiiSiiffKS— ( 
...June Nov, &reswfK'i:jp-.| 

B - 5 1 May tantinej.-rian.- 

Mar. Sept Ian5ney«.HJ35. 

— Jersey E-iW.lp 
Nov, June ferseyilen £1 „ 

May OcL its Holdings 

. .May Nov- luce Im. Inc. lOp 

“■ l |j 0 iy Feb. ifcfsiowlK.jnp. 

Nov. Jun Lake View lav — 1011? 
March Lanc.&L»Llw. 41 
Oct LawDriwamre-. 112 . 
. - * LuartSde Res lp £U*b| 

| Aug. Fob. Ledalnv.lnc20p 


Apr. 


Ani* 1 




NpySPAPEES, FU RUSHERS 


AugJAssoc, J190 


63:; 


May Ass. BmA P 20p 
Dec. BPSHUgs.'A 1 - 
Sept.genn Broilers — 


* JJuly Oct Bbckf A.4H -J_ 

, ,1 iTF* 1 !*. SepL Bristol W-t, 

■JI 5.60ct May CoJUKlTUlianL. 

l|1 7.9'oet May Im “A” 

47|133'Feh. Aug. DaAttbil'A'EOp J 
Jan. July EJBd .\5Ued7^ 
. _ Apr. OcL Gordon & notch _ 
6-5 Oct Ma; Ifoaie Counties _ 
85 Oct Fein !uifepeadeiil^_ 
6.8 — _ IntThomsonll — 

81 Oct Apr. L'pmIP. Post Wp^] 
53 'Nov. July MawballCaviop 
8 . 6 Nov.- June Nembil 


2.9V 

2.9J 

4.0) 

4.01 

2-9) 

4 -9, 

4 A 

8.6 

II 


63|173jMhe. SepLjflnutledge 6 KP. 


75; Nov. J ulyiFearan tenman J 
7-8 Jaa. - July PsTBmid lOp- 


250 

57 

63 

322x4 

330 

152x4 


150x4 

365 

« 

83x4 

165 

305 

133x4 


2Z7 
44 
183 

155 - — 
*ee InL Th 


f-? ,2 Octpuipe iW. R, HLfe 

no « 5 ^Far Thomson 

1 I H Now '. JuJ“^y?d.N™ , 

83 OcL Ft'b.hv.-lrienPufi Sp 
4-4[ 15 12.0 April SeMJWknn & 

H % s PAPER, PRINTING 
ADVERTISING 


MU 590 
25 478 
3A i91 
B.7 237 
189 «.97 
107 652 
189 4J5 
185 4.75 
107 12.8 
126 h?m 
UJ £ 2.66 
189 14.57 
187 16.60 
- QlDc 
a! 1737 
155 4.43 
a; jiuB 

ZL£ 678 
305 d2.49 
2U 431 , 
^td3.40( 

^ lompsou 
U 1439 1 
17gi36 
2LSL42 


la 


4.7 
82 

21 6.0 

22 16 
24 83 
17 11.9 
50 51 
02 4.0 
23 84 


27 


« si dnas 


lEniirnuu; Grp— I =?r 

Juftj Dn.Reinc.vlR— j 68 


In'S a^2 Jau. July) Da9*jpc'Cocv._ 
.^5 Dec. June Autt&wiborg — 

t"i at Dec. MayBemrwe 

Si -25 June Jan. BriL Printing — 

la an ■ 

7 Z S jNov. June Dunzl Pula— 

2-^ .1-2 Dec. Jundfapseak 5n_, 

- CaustoniSirTi— 
S^^-Zjan. Aug. ChanmanBa) S2pJ 
|| .f|Sept May CSav (Tbchardi _ 
June Nov. rolietl D'Eon lOp 
* ifxi — Culler GnaitJ— 

, J ^ , April Delyn^j 

ft agpvte 


Apr. Bad lanes, rpr.. 
NOV. Enralxplns 


29) I 3 A& 


Oct FjnlasKridimat 
June GcenGrossHp- 
, ,nT» Dee. May Harrison £ Sons 
631^4 Mar. SepL IPGIOCts 


AM S 8 £ pr - 
“Jan. 


9.41 ffiH*"* 5 *-! 


831(87. 
7.8i 7.7 


_ , -^Dec. JuneLiP.FofierMp, 

HH Feb. acQmtuodalell^ 
Sept MelixiyJfilli- -Z* 
rriny Nov. jails t Alto f»p 
fo Juft' Dec. KnrcffFcrr. lip 
Z-| F3^.D. OeihyiM.Sa — 
? 0 Sept Apr, Ol Ives Paper 3)p. 
£■7 Jan. June Oxkc Fruit GipL 
^ q Apr. SeptlSuicln 6 5satcm_J 

8.1 


Feb. Oct Srauhilnid'SOp. 
ec Jau. July SrairfltUcJfsn I. 
M Jan. July ItansparemPpr. 

M -i msTe Feh. Aup. TniLmt Group — 
cf Jan. July Dfhw Walter Hip J 
ini sn J®>*. July Ware Group 20p- 
_uu|_u."B"Bh Ann, VaiMcngTon 1 J »■- 


62 

£115 

42 

83 


-S 93 ! 

Kf d3.86 
12i d386 
30* 4.95 

126 3.98 
■4.11U2S7I 
25 332 
287172 
Z7S 

155 17.U 


Sept Mar AffiedT«tiJe„ 

591 4.61 8.4 Jan - 'Aug. Atkms&tM 

7.5 24 83 Dm. Juft Beiles0J2Op_ 

2 A 7.6 73 *^7 Nov - BeriauaiA. l(ip 
29 52 99 J une Dec. Blackwood Mat 
33 63 83 Apr. SepL Bond St fhtUGp 
21 75 97 Dec, Juft Bright iJotal-, 

13 H H ^ HMBfc 

14 53 204 AprTSept Brit Mohair 

33 47 6.7 Aue. BrtlnwL1ah.1Sp_ 
^ * Jau. Juft Cairdi&uidcpi— 

£7 Dec. May Carpets InL Mp_ 
o s May Nov. Carr’ttuMvella. 
9 A October Cauda* lntL. 

77 Dee. June Coats Patens , 

■ 1 OcL May tirah 

60 Mar. Sept Courtaukfe 

Mar. SepL Do ThDeb837 
77 July- crewtiitrfjj 
431 3 41103 Feb. SepL IkmonluL, 

52 331 80 Feb. Sept Do. -A’ 

”1 Feb. Oct Dixon iDavidi.- 
79 Nov. Juft Earij (C* & M %( 
3 41 IB 3 J** 1 *- Juft FasurfJuhw. 

Ati 74 Apr. Nov. RwsasW.llB 
^ M Apr. Nov. HlcfeiM Frt I 

July HieldBns.Sp.I.. 

Jan. Aug. HighauB 

Mar. Of. Mias Grp op 

Aug. Feb. Hwnfrw— . 

Adt 71 87 grt- 5* ar in'JlwwrrtiH. 36pJ 

5-3 ii m OcL Mar. DieA'Sto 

; g u M Aug. litgramlHjlDp.- 
73 707 Nov - May leromelHutetu 

H l5i Jan. July Leedsnjw 

7 7 63 Novlnnber beidiUJlft 

jl fi Apr. Dec. L^r— -T_— 
l a 34 Jan. July tales iSJ?0p — 
May Dec. MaSayHiudi— 
Apr. • OcL MacldnomiScnt* 
Jan. Juft Martin iA.1 Sip — 
Nov. June MiOeriFJ lOp— 


14.3 (8.4) - 

z3 
afl 

331 

a? 


66 ) 7.3 

7.413.B 
3.WUJ 
si) bj 


r oi 77 Sent AprJMnitiort— ~ 
"-ii July Dec.[Notis. Maulp - 


INSURANCE 

iriBowriaStC-TJ— . 

a &aanafl.Bdl^J 

BntauoicTp f 

'. CdfltaiaeriAELSL-! 

iy CnmUuifin 

ft Eagle Star— . 

< E4u*Gea,l«J0jiJ 

t EaiDara»cSlJ£127lJ 15S 
ie EoultyfrlawSp. “ 
ft ( to^Aeadcm 

-c. Hflmbrolifs, 

■ ft Heati (CEjSbp. 

■it. Bose Rnbinswi , 

’ir. BcsaentAJIOp. 
wIlagal&Geu-Sp.. 

.15 Les.tGdwn.1^) 

-VS Lon.uiMas.Sp— 
iT. LoodonUnitenSpi 
ft MMhEWWta^). 

. leiMiiet Bldgs. SDp. 

* tentOnsjapJ 
.w Heart 5p. 


■wPtoems 

'ay Pnwuieiit"A" 

• »y Du.-B’, 



10.1 

— . July Dec. AITd London I Op 
331 6 Jao- Sept Allnaft Lnnrion_ 
21) 7.7 — AmtoanadftwK 

7.4 62 Apr. OcL Ap^PnWOp 

9 J 66 Mar. OcL .Upns Secs. 5g— 
„ August Avenue iJm! 20p 

8.2) 9.7 Sep*- Mar. feTOHwnt^Preps. 
Oi _ Jan. Apr. ShcenCE-iIOs.. 
201 68 7 6 Dec. June Beil way Hide.— 
139 010 — July Dec. EerWfyHjnSu-.] 
33 8 0 6 7 Nov. July MtPOiftrcj , i — 
bZ 42 53 Dec. Aug. BrediordProu. — 
27 11.4 5.0 - 

28 &6 63 — BnlahLaiw— 

9.4 120 Apr. OrL Pu L^jcOr. 2 t« 2 _j 

5.6 7.8 Juft Nov. Brnio n Frf.'ilc . 

34 ) 5.7 Jan, July Cap. ACmuities- 
82 73 Jan- SepL Caniwumlnj-^, 
^ — damtnoa] 2 Dp 

— DaCapi30p — 

- — Chaddesley 

Aug. Jan. Chesterfield 

- .• — ChomSecs 

, _ -Dec. June OnucfabTyEsL^ 

21 Z?Apr. SepL CuyOakes-—— 

5.7 TJijgjL Juft O arise Nkinlls— 

f" — — ContnxlSecslOp 

Z-g — Juft . Apr. 

?■§ ~ Apr. OeL Cutry JJmT. Wp- 
tL ‘ — February Ciuy&Dwt I0p- 
~ — Mar. Sept DaejanflfldMi— 

- Dews Estates Up- 

~ June Dec. DoninfilonlOp-. 
?-S — Jan. May Esg.Prop.50p— 
~ May Sept DoSjpcCdv - 
2-f -~ April Oct DatScCnv. 

July Ests-iAgemV- 
5-? ^Nov.^huie Ests.tGea.2Dp- 
'i “Apt Nov. Efls.Prop.lni— 
M- 7 . Jan. Ang. EwasLecds-—- 
53134 Apr. Dec. Faime«&J.y 
2-5 “'Juft ‘ . Finance tlnd . 

2A ttOipS. Sept Gt PoettondSIp- 
fJ ♦ {Jan, -Apr. GreenflLHOp. — 
.*■< “ Sap. July GreenoatSp-— 


— rJ iolS' elMnr. Sept NoTaJenwcaJp- 

1.81 80|103 Jon. June ParMand'A' — 
Jan. July PiddeslWItm 
Aug. Dec. Da'A'NVMp 

Apr. SepL RXT.lflp- 

Apr. Juft Radley Fash m« 
mot. Oct Rehinre Kbit 28p-| 
May Nov. Ridumfc Hip . — 
lAng. Dev. RlvmaanRccd . 
Mar. OcLUECTTaJp 

I 1 July Dec. Sf«! Robertam. 
Sept Jan. SekmlnLWp— , 
FebT Aug. SbawCarpefciOpJ 
June Dec. Shiloh Spinners 
Mar. Sent- SuBavlack50p- 

Jan. May Sudar. 

Dec. Small & Ti;Inia< , 
Aug. Sfl.n6m>aLt3W_ 
Aug Do;flriv.U3)0_ 
OeL SpenceriGeo., 
Nov. Stoddard 'A' — 
Juft Stroud Rflty Drd- 

_ _ May ibmriansulaie . 

»uieiqi Mar. SepS.rexfrdJrsj.iOp 
rZJ iililo February romkuisoas.. --- 
Feb. July T«4a! 

56) 83 — , rorayYSO. 

“ April OcL Dalfort Carpets 
Jan. July fttamHelOp. 
Mnr.- SepL Vda-T«2to 
Mar. CfcLYocbFfeef.SIp 
2.| #.S13.9 Oct May Yongbal 



.389 3.92 
m 0.69 
2b£ L65 
•72 M3. 37 
.3.4 td4j06^ 
SHJ t29T 
•126 3.27 
226 627 
i31 
|B73 — 
371 — 

3u4 012961 

uar 

4 '5« 506” 
11274 — 
226 4.70 
.71 tL92 
, 17.4 3.99 
[286 024 

33 21 s 
m 266 

33 028 
217 204 
U.1 1051 
2W 334 

■1*93* 
W. 

385 
187 246 
155 UB 
77.2 tUB 
72 dL32 
15.77 
'-266182 
D73 - 
,113 4869 
:187 h2.95 

1x5 554 

m U7 
135 



u 




ll 

4 i 


« 2?1 
33 415 


9.8 108 
6.3 _ Jan. June! 
35 325 Nov. Mnr. 

4.9 215 Jan- Sept 
4.0 9.0 Jan. July): 


6 - 9 
2b i293lj 
4.6 275 
3.4 378 


TEXTHiES 

awn 


June 

Feb. 

Apr. 

Mar. 


147ul 

10Z 

12 

53 

66 

44 
32 
31 
3Zi 2 

53 
72 
IS 

.!?* 

64 

■46 

461? 

100 

*§ 

67ri 

141 

40 

75 

£* 

92 

55 
45xr 

a 

78 

72 

47ft 

38 

26 

91 

75 

45 

93 
61 
37xd 

34 

31 
75 

35 
64 
50 

54 

32 
86 

56 
44 
43 


35) 6 .rt 
.HIM 
M|292 65^ sS 



^ 40.76 
4.9 724 
305 0.76 
126 3.06 
7i 456 
3W d3.17 
2L8 150 
2L5 1.50 
31 dL31 
174 h2.32 
305 h!53 
330 129 
174 
1212 1.0 
305 457 
3.4 d3J5 
30.1 157 
155 3.76 
25 L47 
189 1354 
155 1329 
2L£ 15 
126 d3.23 
25 0.70 
25 0.70 
126 44.76 
272td4.00^ 
2L8 P355 
155 11.05 
126 (14.49 
218 184 
305 278 
26 i 153 
107 255 
25 166 
126 6.11 , 
3 4 1x12.86 
45 1203 
177 

in 

IB 9 125 
4.9 134 
10.7 152 
25 167 
71 101 
1212 381 
25 276 , 
2032 Q10%| 
2LB 169 
155 +186 

m 3 55 

266 185 
19.9 288 


2rt 


Z3 S 


202)el2j 

10 J) 29) 53' 

W J\ 2-f f 1 April 

^i4!| 3 & 

M .lone Dec. 

Dec. 

Jan. 

a&i B«|June Nov 

7-BlApr. Aug. Pentlaadlnv 

n olii nhu AlTJec. Aug. fro?.. Set br. . .. 
c ft! tvJji [Mar. SepL franndal Cities 

i°) '-9 *1 1 Aue. Feb. Flash! 

jj I'StJe|Feo[[ SepL Scahropkliw. 


28 7.9 69 

I'M IS 

3.0 8.6 5.8 


5.« 


♦ m JST 


34 


tt\ 


Is Z1{ 


10.6) f.7 

I? i» a 


t3 U\ a f- Ko¥ 


4.9) 


72| 


81 


OcL 


Oct 

Mar. 


Apr. 

Apr. 


Nov 


88 


Sep. Dec. 


Dec June 


Safeguard Ind. _ 


7.9 24, 

II mo Grt. AprellS’. .IndrewTfl. _ 
67 33 July S* r -|5 Mt -| 

67 10J 
9.4 7.6-^ 

7.7 5Jb 


5.4 
4J 
35 
22 
53 
0.6 
6.6 
21 
21 
38 

3.110.9 45 

jjra “i&? ^ 

86 5J 
3i 42 

M ( 9j| A P r - AU* 
58 19.8 _ 

M 95126 
LfllftO 10.4 
4.ffl 5.7 44 
I 61 6.71138 


Dec. 

July 
June Dec 


May Dec 
July L»ec 
Aug. Mar. 


18)10-1 75 
5.9 6 
75 19 

U 77|Jnn. 

TJi-’-’lAug 

. . ..June jaii.lSin'JiLlifeBlBj.. 

^a?«sasa= 


l*m I 
9^3 ♦ 


TOBACCOS 


19.7 1 Apr. SepLlBATInds 


Da. Odd. 

DunhiHiA-ilOp, 
Imperial 

Rothmans IS®. 
P wi«m Bn. lip.. 


315 ! 
275 
390 
83xd 
65 
641? 


7* 


11321 


:MszS 


575 

207 

283 


t«l 




H Dec. lunettnisi _ . _ 

5 «i 3 *1 8 7 Feb. Aug. TrestsesCmp— . 

fK: ^nsafir: 

liar. Julj l^4 f jenendT 

June I'aTrusi Funds; 

Juft iiriiujHesoarresj 
'March W i.rLfiTeas IteJ 
June Dec WemjM Inv. £L_ 312 
Ang. Mar. Wimertuttom— . a& 
ini 5 0 ) 20.4 Feb. July Fionlai-, — : — 99 

lll53»4 — 96 

4-41 2 j «7 Apr. Sept JemanlBR — 192 
Si Juft YortsAiaacn— 34 


TRUSTS, FINANCE, LAND 

. Investment Trusts 


— Dec. June Aberdeen litre.- 
, — Dec. June Aberdeen Tnisl- 
17(413 Jan. Sept Attain*., 

_ Dec. July Alliance Im 
9 a OeL May Allinnee Trust— 
47 237 Nov. July Alttfunl toe. SOp. 
4.0 208 Nov. Juft Do. Capital Mp. 
3.6 (72-Bi Dec. Juft Aahn»lnr.Inc.-J 
17 328 — Du. Cap—. — 

35 _ Oct Mny Aircntan Tnssl . 
j _2 * — American Tat. 'B 

3.9 10.9 Aug. Mar. Anglo Am S«s. 
45WLB1 SepL Apr. Anglo-W-Dir — 
7i 323 — DftAssdShi— . 

91 (18.9) June Dec. Anjdo-Scot-Tav.. 
tJ3 — Aug. Feb. Archimectelne.. 
f74 — — na*>p.5Bp - 

L 6 516 Dec- June .into Ipv.A&li— 
7.4 178 Aug. Mar. Ashdown Im — 
33.14 29.6 January AtiinuBalUOp. 
38 20 212 November Atlantic Asseft- 
24 631721 Dec. June 
1.9 53108 October AUjLtlif ISOpj 
— -i — Nov. JulyfBasJ*n 1 lm , .„-. 
15 38 263 Deonaber BenyTtwt--- . 
22 21324 — BW^GESieProp.. 

24 54 9.9 N». 

Mw DetBotfrisaaffin 
27t 13)683 JO t* BrasflFirpdOW 
171 tmm Jut Mj e«aiw.£»i-. 
23j 7 WM 9 •— iBreswTfl 



431318] 


■ulgjlr* 


8.02 

[146 

12661 
294 , 
tl.67 
086 
tQ47c 

Q13.D 

u208 

355 

6.09 
244 
1 1.83 , 
. +4.57 
i274 , 
1281 

1(1152 

3.05 

sO.51 

an 

0.60 


6.0 218 
48^.0 
3.8 352 

5.4 258 
22 57.1 

4.4 17.0 
4.0 33 9 
4 8 30 5 
53 278 
63 24.9 
82 


OcL Apr. 
May Janji 
Apr. Nov.: 
Dec. July 
Apr. DetL| 
Apr. Dec. 
Jan. Sept 1 


iJiO & Duffos 

lo. Nlha. £ !0 

(FrifcwnuLll. 
HoScnaB(SL) — 

jDcbupeCl 

yacks an. 

[Jamaica Sugar __ 
tenrfui 


May 

Jan. 


Novi 

JuM 


iMncheUCoos— 
L\'i£erianElec.£1 
Ocean Wlsns.!Dp 
Pzl'sccZertLlOpJ 
iDo.'A'K'V UftJ 
Sanger 1 J£i 10-i 
Sera Sugar S0p_ 
ftSime Darby lUn 
‘aeeiaai 


Jan. JunefTcw Kens. 20p. 


Apr. OcL| 
Dec. Apr,, 
liar. Sept 


Do-BpcCnr. al . 
P. City Merc. lOp. 
Da FOpcLn 16p 


60 

58 

102nd 

165 

£68 

538 

80 

390 

26 

33 

63uf 

461? 

215 

95 

187 

180 

38 

a* 

235 

61 

£95 id 
70 
69 


113jh3.57 

17.4 Q3.5C 
2L8 th4.19 
305 629 
155 15Z 
109 158 
25 M.«, 

305 017& 

ZDfi+S-Jll 
Al 432 
78 1523 

4.4 ZLO 

71i - 

IB 9 665 

17.4 3.45 
133 113.4 
266 2.92 

3.4 47.82 
3.4 4782 
8B J4 43 

674 R- 
174 hire 
25 660 
25 335 , 
109 0(K{ 
3.4thR76f 
272 DA 


\r j 


« 

103 

ii 

16 

22 

63 

23 

1.7 

^9 

75 

75 

13 

33 

4.4 

27 

18.0 

110 

[312 




19-fif 181 3.0 

46l . 

13)15 8 

4.0 
75 
40 

1 8j 

6.1 
s.c 

5.8 


15.fl 

111 

*»5I 

4.6| 

6.2 


il 

il 


Jan. July 
[April 

Mar. Sept 
[June. Jan- 
Mar. Oct 

February 

63 pan. JuijH 
lJune Jan-1 


102 

235 

104 

9.9 

9.7 

42 

<32> 

165 


5.1 


RUBBERS AND SISALS 


Dividends 

Paid 


Sock 


, Da Cap 5p 

January LeVaJkmaInv„ 

Dec. Juft LoaAtbntic 

October Lcn.&iftrt.50p. 

Nov. Juft Lain, i Hnl.vrocd 
Jan tea. t Leu 501 — . 

Oct Lf a-ALir.lflp— 
OctLoffl.iteaa»mI_; 

Nov. Lon-Aaonnuse 

Nov. June ter. &Prw_— 
fcI , Dec. July Lm Prudential. 

M May- Dec-Lon-iFchde.-, 
o 7 ) if June Pec. LoaTstDid— 1U 

afl ""llroK Jun « D«- Ijwlaudlus J _57 

Sept Mar.MfrGDqflU8c.19pf 

— Do.Cap.4p 

v tt 7 xl c~7 Jan. June Mj.'.Oarop.tov. 

|3 Z-3 I? Mar. Sep. Mddnnolnv__ 
iSi\ (.« 53 Apr Rep. MrrcantDelnv— 431? | 23-81 127 
— Sept May KerchantiiTfl - 77^x3 IM l29 
Juft M«i Its Invest — 53ft I 126(162 
lohiRTAL May Hot*. Boston JOp 58 | 1^0.89 
So — Do.Wtets.CL- 30 
" firt kI Ja®. Sep iloorptielnr — 102 
inrtru^ Aufi- Mar. Mwade Trust _ 108 
»■* March NeritSL.15USl. 890 
~ AprJly.OeL :<c*Thnw.lnc^ 20 

- Do. Cap?! 354 

ItaNwWms.. 30ft 
.V.V.&GaitBDre. 46 

192SI»est 

VJl Atlantic Sec 

Ntim-Aaiaican- 

July |N&rJtmSere._ 
An&pl£As50tInv_ 

“ >>utindilnvj, 


530 


217 353 , 
215 t4.82 j 
375 Qllc 
ZLQ156 


377 40.41 
155 h296 
17.4 274 


Rictefrlss Cap 

Rneriltera 

Rirer Plate Set. 
P.nhecolBrj FT50 EbOft 
reiSnb5h'9FI5 605 
RohncoNTFlSO. £49 
r-Sutiffl-fiFL^ 490 
Romney Trua— 181 
Rnsedtamdlnr. 56*? 
Pa Cap — S3 
laKSp- 21B 


L*aCSp_ 

.RntiuSu 


pec. ScnLQtief'A' 

OcL SonL EasLlnv— . 

Jub 5o4.Eurupean_ 

Jan Soatishlnr 

5retBnn.frT.fl. 120*? 
SreL National— . 1611 * 
.VflLXortbeni- 111 *;"' 

Serf. Ontario 

SroLCtitiv 84 

■xut Wesieni 102 

SreLWestiLTF- W? 
Apr. OcL Sec.ABmeeTSL_ 202 1 
Jan. SepL Sec. Great Nthn.. 92ft| 

Pa "B" 90ot] 

Dec. JuncjiwmtieT.Sc^ 201 
June l.teliteilflr.JIJSS. 425 
Apr. sept Fm re* fav. 5 ^ 1 ... 138 
November Sireuetilflp— _ 86 

Pec. June Sphere On 124 
Dec. June StllT tec. ]0p__ ifi® 
SPTJTCUpHftl 
Auc|=taarope GenL_ — 
q^jAug Apr 


3.5 
213 
305155 
12i 431 
126 284 

75 150 ( 

266 +3.76 ] 

163 124 
3.4 032 

76 825 
72 1634| 

wr 

293 ( 

175 s— 

1075 

24.7 259 
133 424 

»J 7.11 
25 3.65 , 

2LE t457| 

266 1264 
133 B.12 

10.7 14571 
305 152 , 

126 1260| 

25 335 
305 +3.50 
lfl.9 3.41 
10.7 hzoa 

2LB thl.62 l(ti 
126 1223 O.W 


4.9 630 
24.7 201 
109 — 

15 5 639 
226 Q25c 
213 859 
310 152 
305 335 , 
155 1933 


18 


H^^v-ftsSst 

A< l ■ .Mar. Aug. TTironoMTon — , _ 
“■?i — May Nov. Daffj%I«n— Q28 
— (Mar. Oct Tor-ImesLInc— 81®5| 

October Do. Can. 120nll 

Feb. Mny rrans-Octianie— 386 
m bane Invest— 76*2 

^ Apr -tg©:ig 


24.7 331 
M6 1538 
305 t239 | 
24.7 264 , 
18.9 1x4.82 1 
272 191 

&5 4.45 
25 

189 5.5 
185 057 
133 5.08 
W.7 hl32 
17.« 4.46 


18 83082, 


I Dec. 


305 3.45 

24.7 4.92 
76 3.91 

247 4.46 

25 10.95 

26 6 1357 

266 +6.03 
126 QlOc 
155 112 
177 0.76 , 

155 10.97 bll 

10.7 +4.67 38) 
305 233 
305 087 

76 7.7D 
305 s!52 


see Finance, 

■U-t 89 | 305)3.71 


August lAnrio-lndouest— 
Sept BertsmCom-lOn— 

— KrdiAiricai 

I June fradmlllOp 

texr. Nov. CastlefieM lOp 

vov. June Chersuaese Hip- 
May Dec. Cons. Plants I Op — 
Jan. Aagi^aiidCaitzallOp- 

Apr. July Guthrie £1 

April HamaaiHlr.Ed.lQp.4 
Nov. May BigliiandsB50c— . . 
Apr. Nov. Kuala Kepong 151. 

Jan Juft ItKuliinffiOe 

October Ldn. Sumatra 10p_ 

Dec. June MalsfadiMSl 

November Muar Rivet lOp 

May Nov. PlantaionHldjB.10p 
March SungeiKrianlOp- 


Price 

107 xd 
17 
59 
258 
50 
A3 
11 
353 
112xd 
112 
67 
46 
197 

65 
55 

66 
87 


last 

a 


Kr 

Net 


24J 2.79 

10.9 355 

m — 

25 +173 
266 S2.84 
3.4 4bl4 
14 hQ3.0 
1212 056 
126 1523 

38.9 64.06 
14«208c 

211 Q12ftc 
B12Qllic 
366 64.06 
155hQ35c 
ZU 40L48j 
24J *221 
133 +6152 


|Ptr| 

47) 43 
58 

UJ| 44 
10) 16 


3.2 

31 

7.0 

278 

ao 

(S.D 

B5 


TH 

Grt 


4 ; 

106 

7.6 

6.4 

5A 

4.1 

4 

5.: 

31 

53 

13 

5.0 

26 


TEAS 

India and Bangladesh 


December 
March 
September, 
Mar. SepL 


Novemher 
May Nov. 
Jan. June)! 
APT- 


'A.'jam Dooars El _ 
(Assam Frontier £L 
Assam Tnvq. El- 
Empire PbuuslOp. 
Lawric Flaws £1__ 
McLeod Russel £l. 
monmD 


^ngIoHld^.lOp_ 
JulyWarrea Ma rt s. — . 
September [Williamson £1 — - 


253 

312 

103xd 

28 1 ? 

328 

240 

355 

26 

250 

167n! 


3110 

131 


18.9)7.11 


17J0| 


2811 
1 26b 

1B.9 


♦965 
h 16-50] 


4281 


4.9 bl5 
1710 13.7 
21 1531 


♦FL75| 

14.89 

125 


5.91 5.7 


49 


ti 

3 M 

4> 


7.9 


3.71103 
16 [105 
6.8 
9.0 
6.4 
!10.4 
R9 
1X2 


Apr. Sept|Lunuve£L 


Sri lanba 

i 225 1 133)558 J 15) 3.7 

Africa - 


May N 0 v.IRIart 7 re.EI _ 
Feb.' Oct ulnn Estates - 


610 

175 


ng 50.761 «b 112.4 
272J 1320 I 24(113 


MINES 

CENTRAL RAND 


Aug. FebJ 
Aug Feb. 
Aug. Feb. 


Durban Deep RL— . 
East Raed Pro. Rl. 
Randfont*nEa.R2. 
West Rand Rl 


421 

327 

£381? 

116 


6751 — 
206 — 
266 1Q350c 
266 +«Dc 


23 


5.4 


EASTERN RAND 


[May Nov. 

February 


FebJi 

NwJ 


Aag. 

May 

OCL 

Aug. 


Aug. Feh. 
May ” 


[Bracken Wc 

(East Daera Rl 

(EAG-OROa)— 

Grrfltv)ei30c 

iKlHrevsRl— 

MayiLeslieflDC— — _ 
FewMarievale R085 — 
]S. African LxL 35e „ 

Jviakfortriii90c 

Nov. [S’ intrl ha akRO __ 
IWiLNi^lSc 


V 

lB.|Q44c 

W 

382 

— rtjfiOc 


116 

266 Wl9c 

18 

378KI 

18.1 Q55c 

6 

61 xd 

181 QZto 


- 7B 

2fci t«46c 

It 

71 

676 - 


51 

70Ixd 

3J Q25c 
18.9 $29c 

0.4 

53 

B74j - 



6.n 6.7 


78 

103 

8.7 

206 


FAR WEST RAND 


Feb. Aug.|Bftraor25. 
Feb. Aug-Buffri*- 


Feh. 

Aug. 


Declhraal RH2D 

Aue. PoarnicnieinRl _ 

Feb. EasSDrieRl . 

EfandtrandQd.31c-) 
Feb. Ang EUbors Rl— 

Feh. Aug. Hartetecst RI 

Feb. Aug. Hoof Gold R1 j-_ 

Feb. Aug. lihawm R] 

Fehmaiy Somhraal SOe 

Aug. Feb. Sti1Ionteiii50c— 

Aug. Feb. Vaai Reds 50c 

Feb. Aug. VerterqnaRl 

Feb. Aug. W.DrieW— 

Feb. Aug. Western Areas Rl- 
Feb. Aug. Western DecpR2- 
Feb. Aug-tZandponlU.— 


353 

936 

94ft 

313 

809 

244 

112 

£13ft 

603 

552 

600 

305 

£16 

225 

£25*2 

180 

89® 

225 


2fL6|Q63r 
266 Ql70c[ 
17.4 - 1 
26 6 Q50c 
266 IQ 78c 

X6 10645c 
266 0250c 
266 540c 

" QlOOc] 



18(112 
4 10.7 

X31X0 
X7[ 63 

Ul 45 
16111 

26 42 
28113 
18 21 
23 43 
33 43 

27 78 
17 9.5 
27 43 
X4 55 
* 118 


O.F.S. 


Sept Feb 
Jon. Dec.; 


141 - 


OcL 


[Free State Dev. 50c 

|f\SGedn!d50e 

F3.SaaipbasRI_ 
.RarmonyaOc — - 
MaineRl 


Fres. Brand 50c 

Prea-SrejnSOc 

a BeJenaRJ 

Umsel 


100 

393 

10B 

£1® 

954 

890*1 

236 

331 

£21 


Q12c 

10240c, 



dl§»t 


20i 


221 7.4 


4.7 

05) 

XfJ 

9.9) 

♦ 

ii 


72 


8.7 

33 

ll 

127 

63 

7.9 


FINANCE 


Finance, Land, etc. 


Juiv A-tewd Scatters 
. ^nnoarTSLlOp. 
Jan. Ang- .IrthmftftiRteS. 
— BntannuAnov. 
t Mar. TlBlienMCVpSi 
T'-Lr. Mar.. Aus- 'BianertouseOp 

«l>i!r9K.[35SS^ 

August Edin-lndllSni, 
October 

J, J Dec. JufS ErukteeHoM— 
L78M OcL Juft &LBffllslOa_ 
7 a me October urtBrsnoDCftap.. 

SjSJ"- ju,,|f ^S5 j 

ata^-^ faag = 


, 155 17.0 
)1274 — 
11275 - 
475 - , 
18.9 9125c 
266 +3 41 
257 0425 

iai Rktffl 
3.4 tL02 

677 - 
ZL8 dl.00 
49 192 
2li 12 

m 150 

305 521 


5.6)1X81 23 


tl 8.l|l£s 
1.0 
6 

37 


Apr. Sept. Ang- Am. Cml 50c- 
Jan. June Anglo Amer I0c— 
Mar. Aug. Ang Art Gold Rl _ 
Feh. Aue. Ang-VaalSOe.-. 

Jan. July Charter Cans. 

May Dec. Cons. Grid Ftolds- 
Jlily. May East Rand OoalOp 

OcL May Gen. Mining R2, 1 

Mar. SepL Gold Fields §A2Sc J 
Feb. Oct JoWp Coos, R2_ 

Aug. Feb. Middle Wit 25c 

— HCncore lSftp— _ 

Mar. Oct 34bwrcoSBDL40._ 

Mar. SepL ter? Wit 50c 

— PaliiwNT FkB 

Notember Rand London 15t_ 
[Jan. Juft SelectKciTrnfl — 

'Aug. Feb. Sentraa lOr 

1 Mny OcL SihwmilM^p™. 

Dec. July ThaJsttm 5(fti 

Jan. July Do Prrt 80p 

July Jan. rvaal.i'anaXlRI. 
Mar. SepL V.C torest R! 

May Nov. Union corpafilSc. 
Sept. Mar. VofebJLc-.. 


DIAMOND AND PLATINUM 

N'ov. StaylAiwIfrAnilnvJOc-, 

Apr. Septfeskp^PRifcJ 92 

f Nov. De3«rsD£5tL_? 

1 . Assg. DadOpcPtRS— 
r. May Lvdcrtbarcl^jc— , 
r. Mafifiun. Firt. lOr, ..... 



Serving the' world 
with 

financial expertise. 

SANWA 

BANK 

* Tokyo, Japan 


MINES— Continued . 
CENTRAL AFRICAN 


Dittfeads . 

Paid I Stack 

RJov MayfFhlron RhJOc 

May Rbo'Tni.'orp. Ifitjp. 

— Roan Cans. M— _ 

Nov. May WnnkieCoL Rh.l_ 
— |3ain.Cpr5BDD34— 


Price 


Nov. Apr 


Oct 


September 
Dec. Apr. 


June Non 


June Nov. 


Apr. Oct. 
OcL May 


AUSTRALIAN 

12 
125 


■\cmr\25c 

BauauniBeiiflTDea 

|EH south rOr 

rentrei Pacific. — 
Maj-f'mtzior Riotauo 50c j 

Endeavour 20c 

RIM KalworUeSL 
Haonu tiold M. — 
Ha mptn Areas 5p . 
Vent Ex 5ft- — 
JUAl Hid j?. ,91c — 

IMoint LrelISc 

Nwonea! 19c- 
Nonh B RiliaOr — 

NGl Kalcurli 

Nth West M:r.ir.c_. 
I'^akhriilfiei^l — 
Pacific Copper — 

rjiKnr.il ix 

IPanncaMfrEs 5p_ 
r+b*-WaJ!seiyl.Vlr 
SuuihernPanlir.. 
|UefTn.Hinmc.S0c- 
«7iim Creek 20c-.. 



120 

525 

318 

24 

U 

62 

131 

39ft 

203 

33 

6ft 

122 

15 

43 

155 

66 

noft 

SP 

523 

205 

155 

45 


10.7) t355 


lid 


1S3 


3 


1 Q 8 c 


tQlOc 


Q9c 


Q8c 


7.41+Qllc 


Q15c 

Q3c 


14 4.0 


2^ 


20 ~4.0 
17 '27 


xrt 


Nov. 

Apr. 

Apr. 

Jan. 

Feb. 


Apr. 

Oct 

OcL| 

Juiv 

OcL- 


[June Dec 
May Nov 


Amal Nlaeria 

.Iyer Hi tun SMI — 

BeraltTin 

BerjwuaiSMl — 

I'ecrer 

Gold & Ease 17?p„ 
ktapengConsL 

HoLgkraig 

Idnslfip 

Mawarliijp- 
IKamotiiis 8KL». 
KiUiiKhal! 

Malay Dredgn; 211 _j 
jFihane 


TINS 

26xd 
360 
49 
262 
150 


Pencfcaien lOp 

PeuunglMl , 

.Saint Pi ran 

South Crnfty Kh»._ 
South KintnSM050 
SthnUalaysiiQIl- 
Suncei BesiJ3.il __ 
Supreme Corp SMI 

May Nov. TanjowrlSp 

SepL Mar. ToagkahRrbr.SM] 
Apr. OcL|Trocoh$Ml 


10 

340 

225 

90 

8 

76 

640 

450 

68 

75 

260 

58 

58 

220 

315 

215 

70 

90 

90 

245 


1B.9 2.82 
133»JMr 
as t4.o 
247 Q13QC 
76 5.04 
1074 - 

17.4 15.23 
U67 — 

24.7 J128 
467 — 

4.9 
107 
H3tQ?5c, 
975 1®.^ 
126 6.60 
126tQB0c 
4.9 283 

10.7 4.19 
49 Q7Cc 

3.4 soniiri 

266 Q 
974» 

24.7 6__ 

133t^c 4 


41 


4.4 


18 


SjC! 

44128 
4* 98 
58 38 

08 6?8 

L6 "* 

23 33 
4 202 
OJ .43 

H 13 J 

13 7 J 

23108 
A 63 
ll 9.0 

1 -H 

0810.9 
13 - $ 
13 7.7 


COPPER 

June Dec.lMesanaROJO | 76 |1212jtQ30c| X9) 

MISCELLANEOUS 


Aug. Feb.| 
November, 
Jbxl June] 


Nov. 


Barymin - 

Burma Stines KUp 
IOrms.Mnvh.10c_ 

XoxtbgaieCSl 

R.TX 


Sabina lnttoCSl 

raraEsptn .51 1 

July rehidr Minerals !0p J 


October fl’u]a>nC«is.i31_ 


58 - 



13 575 - 


260 31 fQ30c 

2.6 

360 30.9 - 



237 25 53 

2.8 

52 - - 



818 - - 



74 25 4135 

* 

147 15.9 Q7c 

29( 


It 1 

23 


NOTES 


Uaten rfkmiar Indicatad, prlrea mod ntt dividends ant In 
panev and rfenambuttam arc SSp. rai™r*H priceMarubva 
iatk» and cm* re arc based on latest annual reports and accnonta 
pauiUr, are updated on half-yearly fleam. P/Eb an 


ealealaied on the beau of net distrfhulon; orackoted fleam » 
indicate JO per cent, or more difference If ralenlatrd on “-rfl” 
dlslribtitien. Cnen are bawd an "marimno' dtattibmfan. 
Yields are based an middle prices, are grass, adjndedlo ACT af ; 
S3 per ml and allow for value of declared distributions md j 
rights. Securities wilh denned n* tom ocher than atarllng an 1 
[flualed inclusive of ihe Investment dstlar prantum. i 

Sterling denominated securities which include Investment j 

dollar premium. j 

“Tap" Stock. 1 

Highs and Lm marked Urns have been adjusted to uUav | 
for rights issues for cash. 

Interim since increased or resumed. 

Interim since reduced, passed or deferred. • • 

Tax-free 10 nonresidents on application. - , 

+ Figures or report awaited. 

tt Unlisted security. ■ f- . 

Price at tine of saspemdoo. " ^ 

Indicated dir Id end alter pending scrip andfor rights imam, 
rover relates to previous dividends or forecasts. I 

Merger bid or reorganisation in progzeos. 

Not comparable. ’ , 

Same Interim, reduced final andfor reduced earnings 
indicated 

f Forecast dividend; cover on esnungs updated fay latest 
interim statement • 

Cover allows for conversion ol shares not now ranking (or 
dividends or ranking only for restricted dividend. 

Cover does not allow ic-r shares which may also rank - for 
dividend at u future dale. No PD ratio usually provided. , 
Excluding a final dividend declaration. 

Regional price. 

No par value. 

Ta* free, b Figures based no prospectus or other official f 
estimate, c Cents, d Dividend rate paid or payable no part j 
capital: cover bawd on dividend on full eapataL | 
e Redemption yield, f Flat yield. K Assumed dividend nnd j 
yield, ft Aril timed dividend and yield after scrip issue. ■ 
J Payment from capital lumrces. k Kenya. ■ Interim higher 
iii an previous loul. n Rights issue pending q Earnings 
based on preliminary figures, s Dividend and yield exclude ■ 
special parent t Indicated dividend: cover relates to 
previous dividend, PE ratio based on latest annual 
earnings, u Forecast dividend: cover bused on previous year's 
e undoes, v Tax free up to 30p in the £. w Yield allows tor 
currency clause, y Dividend and yield hosed on merger ternM. 
c Dividend and yield include a special payment: Cover docs not 
apply to special payment- A Net dividend and yield- . B 
Prelerenec dividend passed or deferred. C Canadian. E Issue 
price. F Dividend and yield based on prospectus or other 
official estimates for 19794a G Assumed dividend and yield 
after pending scrip andlor rights IsiUfc U Dividend and yield 
based on prospectus nr other official estimates lor 
1J178-1S. K Figures based no prospectus or other official 
estimates for IFIH H Dividend and yield based on prospectus 
or other official estimates for 1973. N Dividend and yield 
based nn prospectus nr other official estimates for 19W. P 
Figure* based on pnmpeetus or other official estimates tor 
1978-78. Q Gross. T Figures assumed Z Dividend total to 
date, ft Yield bused on nmumption Treasury BUI Rate stare 
unchanged until maturity of stock. 

Abbreviation*: doe dividend; k ex scrip Issue; ir «r rights; n ex 
all; d ex capital dlstribotton. 


Becent Issues " and “ Bights ” Page 35 


Thin service is available io every Company dealt In on 
Stock Exchanges tbroogbont the Hilled IQngdomlera 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following is a selection of London quotations of shares 
previously listed only in regional markets. Prices of Irish 
issues, most of which are not officially listed m London, 
are rs quoted on the Irish exchange. 


Ash Spinning- 

Bcrtiiirt 


Clover Croft., 


Evened 

Fife Force. 

Finlay Pfcg. 5p. 
Grain Ship. £1_ 

S " onb Brew_ 
LStm. El- 


Peel Mills 


25 


46 


20 


330 

+B 

26 


520 


59 


67 

+1 

2sm 

-1 . 

52 


21 


325 


60 


153 


25B 

.... 

70 


190 


20 


45 

+i‘ 


Sheff RaVthmt.l 63 
SlndaU fWm.X_| 105 


fct 


nniat 


Godv.0% -80/82.1 

Alliance Gas. { 

Arnott 


Carroll iPJ.)— 
Clondaltdn— 
Concrete Prods.. 
Heiton (TildRc.) 
lns.Cnrp.__— , 
Irish Ropes _ \ 

Jacob 

Sunbeam 

T.K.G 


Unidnre ; 


V 

gin 

105 

90 

145 

51 

180 

130 

63 

31 

IBS 

110 


OPTIONS 

3-month Call Rates 


Industrials 
Brew - — 

A. P. Cement _ 

B. S.R. ! 

Babcock-^ 
BarrlayrBank. 

Beech nm 

Boots Drug — 

Bowmers 

R A T. 

BniishCrtygen 

Brown tj • 

Burton 'A' , 

Cadhuxys 
Cotirtaulds -. 
Debenhntna.- 
Distillers.... ..J 

Dunlop-— -- 
Eagle Star.... 

EMI 

CJen. .Accident 
Gen Elcrlrir. 
Glaxo-.—-—— 
Grand Met_.„ 

G.L'.S -A 

Guardian — 

G.K.N. - 

Hawker Sirirf. 
Bbuw el Fraser 


.7.C.I 

“Imps" 

LCL 

Inveresk 

KCA 

Lad broke- ... 
Legal & Con. J 
Des Service 
Lloyds Bank . -| 

"LdIs"_.. 

Ixwi don Brick. 

Lxnrho 

Lucas In ds.., 
U'llIKIJ.' 

“Mains" ... 

Mrka. A Spncr 
Midland Dank 

S£J 

Nut West Bank 
■Do Wamints 

P fir O Did 

Plecsey , 

R.H31 1 

Rant nrfi.‘A'..| 
RoedlninL .. 

| Spill era 

ITescn ....... 

Thom.. . . 
Trust Houses 


■3 6° 
20 
8 
3 

3 

7 

22 

4 

5 
3 
25 
10 

7 
IO 
25 
U 
22 
10 

6 

8 
5 
U 
12 

3 

4 

22 

15 


teSfdR! 

s&scHa 

Woohvorths [ 5 J 

P rop er t y - ... 

BrtLLand 
Cag.Cnvml 


Iotreuropean — 

sas?*-*» 

Peaehe 

SanroeJ___, 

Town&CI&Ij 


OH, 

gdtPetiolena. 45 l 

BurxnahOi] 5 

Chanerhall— 3 ! 

Shell hi 

ntrarnar 4 a | 

Sffaes 

Charter Cons.. | u 
Cons. Gold . 

RioT. Zinc. 


A selection of Opdarts traded (s Eloen ore the 
LondoiL woe* Exchange Report page 





X 


X ■ J 





IT. 

i 


*42 


■ : .- ••• • -* -c-'F'v' 

: - • .••■••.> I- 


Bain Dawes 


K|| 

A worldwide insurance 
biokuig service 

Head Office: 2SFenchwch SU London EC3M 3DR 
Telephone; 01-2S3 461 L Telex: SSSI43 

Monday September 25 1978 . ‘ 

— ’ ’ ■ ■ r ' • _ ■ • j* . ■ 

. -/ ,• > •£ . 

: mi 



Company law 


reforms may 


be speeded 


BY MARGARET REID 


likely for 

brief Bill, 


LONG-POSTPONED reforms of All that seemed 
company law, including a ban on some lime was a 
insider sh3re dealing, may be matnly to implement the changes 
brought before Parliament soon ir. designation of public com- 
as there will be scope for non- panies— to be called Public 
controversial legislation in the Limi tea Companies — to comply 
coming session. ^th EEC requirements by the 

M i" i f ' n Th"‘pWin r tpoliUcal situation. 

W* to hnfrever. makes ir more appro- 

introduce in the coming Parlia- ^ imta fr .r un.an««...> 


Arab rejection front cuts 
links with Egypt 


BY ANTHONY MeDERMOTT 


. j„„r, n.n priate for relatively uncontrover- 

J - ial refnrm measures to find a 
the White Paper Changes m pj acc j n th« legislative pro- 
company Law. which was pre- * 6 h 

Parliament by Mr. 


THE ARAB STATES most malic language as bring “help- bear this interpretation out. For 
opposed to the Camp David sum- ful and frank - " indicating that besides deciding to break rela 
mit yesterday decided in Mr." Vance had had little success ‘tions with Egypt, and sewing tc 
Damascus to break economic and in dissuading • Syria from its transfer Arab League head 
political relations with Egypt. hostile position while explaining quarters from Cairo, they 
The four-dav conference— the the Camp David- accords to Fresi- resolved that Mr. Assad would be 
third such meeting— of the “front dent Assad. sent on tour of Arab countries 

for Steadfastness and Confronts- On the face of it. Mr. Vance’s to seek political and material 
lion" composed of Syria, Algeria, tour has not been very «uccessFnI support for the resolutions. 
Libya, and the Palestine Libera- in persuading Saudi Arabia. Jor- The summit documents 
tion Organisation (PLO), agreed dan, and Syria that they should criticised US. Midle East poucj 
also to wreck the Camp David give some support to the Camp at length but did not contain 

agreements and set up joint David accords. • any provision explicitly ruling 

political and military commands. King Hussein has asked for de- out negotiations with Israel 
In Jerusalem meanwhile the tailed clarification on some end the conflict* 

Israeli Cabinet after an eight points. Saudi Arabia told Mr. Furthermore, it was reported 
.hour session, yesterday approved Vance that there could be peace that the release of the final 
bv II votes to two (with three only if there was a enmpreben- summit documents was delayed 
'ministers abstaining) the Camp sive settlement involving all because of a bitter row over the 
David accords between their parties to the conflict and establishment of a joint fund to 
Prime Minister and Egypt and "reiterated its insistence on the finance the defence needs of the 

agreed in principle to abandon necessity of a withdrawal from “ steadfastness front.” 

settlements in SinaL holy Jerusalem and its return Col,. Muammar Gaddafy, 

The Israeli Cabinet decision *« Arab soverignty.” the official Libyan Head of State, was said 

to have refused to pledge a 
specific percentage of his 


THE LEX COLUMN 


yV >.• • 

.:.SST*'.A : ••• 


- s5> 1 f /.? 


to the 


place in 
n T3 mnic 

sent ed to Parliament by Mr. ” centrepiece of the planned , ........ „ .. - , . 

Edmund Dell. Trade Secretary, companies Bill, the outlawing of j still has to be sanctioned by the Sava\ press agency reported, 
in July. insider dealing — the use of con- ■ Knesset (Parliament). Neverthe- 

The Bill also provides for fidentia! information to make! less, the decision was significant arme 

tightening the law concerning personal profits on share transac- 1 for two main reasons. Firstly, it o*ui» 

companies’ loans to their direc- tions— may not. however, prove jig almost unprecedented for Reports from Damascus said 

tors. In addition, it would as uncnntroversial as seemed 1 agreement to be reached on the that Mr. Assad had told Mr. res ® J na i r : 

voluntary removal of such settle- Vance that the policy followed by 

*s*2S+jni!e*t£Sr- ?sy sL^»g .«t^g *“ SSSSt 


refused to 
percentage 

country’s oil wealth 
defence fund. 

In addition, the conference 


implement the European likely at one time. 

Economic Community’s second 
directive on company law p.. ... t 
through the introduction of a UlSlIKeu 
new definition of public com- Mr Jnhn * otL Conservative 


U» present r_ent i — 


foundations of Zionism. Second. noi acrepiawre ?- since u cwu- - 
their removal has been the key tradicted the resolutions of the f.“‘:A? lt ° b! S ?T refa 
element in Egyptian agreement 1974 Arab summit in Rabat « ?n Sh 

to sign, within the next three which made tb&: PLO virtually H, 0 n * * n EKfLiJ 


dislike of the' present draftin 


Pt.cnnn.ihi. * .„1L f- j to more military and political 

responsible for. the return and re i n f orcem ent ... to reinstate 


and the former Conservative 0 ; th « relevant nassa^e in the' Also yesterday Mr. Cyrus control of occupied territory on t he mflitarv and nniiticat halane^ 

: !****«»* urit rVr. H«.H. Siw! »!l SS? i?Se 


-have had plans to stiffen com- crjf j aJ m „ tter j nE within' the ■' included his Middle East tour However, Western diplomatic eer*n re^ti^r ‘between 

■ pany law with vanous measures, Stock Ex toa ns” thoush it t>are ,wWh four hours of ta,ks with sources in Damascus were saying jVJ? Sov^e? Union and 
including outlawing ‘.nsider deal- a nn t n S President, Assad of Syria follow- yesterda-v that Wnrin- in mind ^ ^nd^ the 


its nle-mq a few years ago to . vrm mnm- yesterday that bearing in mind countr j e s D f the Front for Stead, 

the principle involved. : *? ,ks w,til J o rda n and Saudi Mr. Vances tate and the anti- f astness an ,j confrontation.” 

Tnsrcrnnnr analv^ist? arp al^n J Arabia. Sadat suDifiiit v the oulCOIHG was 

nuneter. uw Conservatives „nhano - .- Thev- fear that the ban ; The talks with the Syrian "not as bad as we feared.” 

would hamper their wo?k Jy Header were described in diplo- The resolutions of the summit 

government s nereat in r enruary' . * *V. 

1974. while the Bill Mr Dell m,k, "+ f“? pa " ies . 


reepnt years. 
However, the 


Riyadh stresses solidarity. 
Page 2 


Cash outflow increases 
after unrest in Iran 


BY ANDREW WHITLEY 


TEHRAN. Sept. 24. 


■ wanted to introduce ' in ‘the 

1977-7S session. W3- sn«»e7ed out II ; surprising how - 

hv pressure on the Parliamen- ever if Ministers, presented with 
tan' programme. 3 .« lltah,e ^sJative opnor- 

Tumty. were deterred h vsuen 
dnuhtv from proceeding with a 
Doubtful reform which ha* inns had wide. 

and generally bi-partisan, sup- 
When the Trade Secretary's pn*-*. 
draft Bill was published in July. The exact drafting nF the han 
it seemed doubtful whether it on insider dealing — for which 
could be brought ir. for some penalties of up to two rears in 
time since, following a general jail are proposed — will need 

election, the incoming govern- careful scrutinv to ensure that! _ r „ , 

ment might have given higher it does not catch innocent trans- 1 THE OUTFLOW of foreign ex- request abnve $10,000. Suggestions that the outflow 

priority to more partisan Bills. actions. , change From Iran is reported to In itself this requirement could be as large as 50m dollars 

have increased from an aver- would not act as much of a deter- a day— up to five times th 

| age of SlOm a day to as much as rent as there is nothinc to stop usually accepted figure earlier 

{ S50m a day as a result of the anyone withVawing large sums this rear— have been given con 
; recent unrest in the country. on successive day* from the siderable prominence in the 
| Foreign bankers in the country same bank, or indeed from dif- newspapers, 
suggest that as much as 5700m ferent banks. Furthermore a The mass-circulation daily 
may have left the country since significant proportion of foreign Ettela’at says today that even 
| the imposition of martial law in exchange dealings are carried though the political crisis has 
the major urban areas lfi days out on the open market in lessened, the outflow of money 
i ago — although no exact figures Tehran. is still continuing, 

i are available. „ „ . Confirmation that there has it speaks of the outflow as a 

i The Government-controlled been some increase in foreien »• thorn in the peoples eye ” and 

j local press itself has suggested transfers this year, over the ,j nks tt0ie i nvo iv e d with the 

i that the outflow has been around same period last year, eame current drive against comiDtion 

?5nm a day and this is con- from Mr. Bahman Homayoun. a 

i sidered by foreign bankers here deputy governor of the Central F Sf 
to he a credible estimate. One Bank. Last year they could have ™ 

small bank is known to have had amounted to $2bn. He said that causes of 11,0 currency dram 


Industry call on bank 
finance confirmed 


BY MICHAEL BLANDEN 


THE STRONG revival in indus- and agriculture, with a rise of 
try's demand for bank finance £205m. 

in recent months is confirmed b> The S per cent rise in lending ■ requests for transfers amount- in view of the oolitical situation ran?e from fne relaxation of 

the latest breakdown of lending to manufacturing industry fo!-| s„«, to ^25m in a single week it was not surnrisinc that oeoole domestj c credit controls to the 

published today by the Bank of lowed a modest 1 per c3tl ^"1? offida l f ore7 S n* ,pXnee were 3 ' ^bJTthet greater protection of lo«l mmtu 
England. crease recorded in the previous! cnnt rnls exist here and. accord- he h'ad not seen an “extra- facturers and tax reductions. 

In the three-month period to qU3 5 ler ' , j ing to senior officials of the ordinary increase ” in recent The lowering of Iran’s low tax 

mid-August, sterling advances . ir,e _^ ineenn ? se ^ T took an : Central Hank of Iran, there are weeks, 
by the hanks to the private eA ' r3 * 177 .bJ- 3 w of S per cent, no plans to introduce 
sector increased by £1.07bn. t ne residual ‘ otner manufac- J rumours abound in 

This was a slichtlv smaller r l co ^ C, an *"*| circles that the commercial mer Decause or me large num- iwaoour ministry 

rise° Sian the £li9bn recorded ^hfip ! r h cent, | bai »k!» -may now impose ceilings her of Iranians travelling announced today that proposals 

in the previous three montlw S l ,£.5i fo Si 1 I r, . ,l 5 ■' ob l cco on . lheir customers’ foreign- abroad. “ • to be presented to Parliament to 

But the Bank points out that the r nSn- bv pur e cbas ^. s - Pointed out that no im- end income tax for all those 

dtbtjctim, «« n rowjng Dy ±*-Jm or b per cent. I An unconfirmed report says mediate decision was likely on earning, less than 20.000 rials 

the Centra] Bank has reminded controls as both Mr. Yussef (£143) a month would affect 

the commercial hanks of an old, Khoshkish, the Governor, arid between 2 and 2lm workers, 

unenforced requirement to seek Mr. Mohammed Yeganeh, The Another proposal is to reduce 

permission from the state body Economy and Finance Minister, the base rate of taxation from 

for any .individual transfer are abroad at present. 8 per cent to 6 per cent. 


rates, especially to help the 
any. But According to Mr. Homayoun, lowest paid, is already Govern 
banking the outflow always rises in sum- ment policy. ■ 
commercial mer because of the large num- The Labour Ministry 


statistics are not a reliable guide The increase of S per cent in 
to the underlying trend or bank, harrowing by the personal sec- 
lenaing. tor W3S s ]i g htly greater than in 

This is because other forms of the previous quarter, though 
lending, including particularly this may have been accounted 
bank acceptances. increased for by half-yearly interest 
rather more, strongly in the charges being debited to cus- 
latest period but are not tom ere’ accounts, 
analysed in the quarterly break- The rise in borrowing by 
flown. agriculture, above the genera) 

Figures already published trend - was 13 per cent, 
nave indicated that total bank Among other sectors, advances 
lending to the private sector in service categories rose 

sterling, including commercial 1)7 only £156m, or about 2 per 
bills temporarily held by the cen *- This was a much smaller 
Bank, rose by £l.49bn in the rate nf increase than in recent 
three months to mid-August. quarters, and compared with a] 
This followed an increase of £676m in the P fevious 

£1-23 bn in the previous period. r »„ .u * . . 

but the more rapid rate of rise hJ fiQ3 " c,a ! sector 

can he entirely explained by jL r f P ut d f/ ter ,ncr ! eas ’ 

normal seasonal factors. pjS 1 J n tfc ,h * vSITE? 

_ penod. Each of the three con- 

Three mam areas accounted stituents contributed to the fall, 
for the rise in the August quar- with hire-purchase finance houses 
ter. These were manufacturing, down by £9f)m: property com- 
with an increase oF £589m: the panies by £75m; and other flnan- 
personal sector, up by £401ra; cial organisations by £39m. 


Continued from Page 1 


Steel 


Weather 




UK TODAY N. HaTes, N.IV. England, Lakes. 

MAINLY DRY, some showers in Isle of Man, S.W. Scotland, 
north. Glasgow, N. Ireland - 

London S.E-, Cent. S, S.W. Eng* Sunny intervals, some showers, 
land,. E. Anglia. E. Midlands, Max. 15C-16C (5SF-61F). 

Channel Is. Borders, Edinburgh, Dundee, 

Some rain at first, dry wiTh Aberdeen. Moray Firth 
sunny spells- Max. 16C-18C (61 F- Sunny periods, some showers. 
64F). Max. 14G-1SC t57F-59F>. 

E.,- Cent. JV.E. England, Cent. Highlands. N.E. and N.W, 

W. Midlands. S. Wales Scotland, Argyll 

Mainly dry, sunny periods. Sunny intervals. squally 

Max. 16C-17C (61F-63F). showers. Max. 12C-14C t54F-57F» 

- BUS.N m CENTRES Sun ^fkSSST* «, m Uj 

Vila? I Yd ay showers. Max. 11C-12C (52F- 


niid-dav 


AButirlin. 

Athena 

Bahrain 

BsrMion* 

Belfast 

Belgrade 

Berlin 

Binnsbm, 

Brinei 

Brnasfls 

Budapest 
B. Aires 
Cairo 
Cardiff ■ 
Chicago 
Cofo«e 

CaptUum. 

Dublin 

Edjnbrrti. 

Frankfort 

Geneva 

GUSWW 

HelsinW 

H. Kong 
JuWrj. 
Lisbon 

London 


V 

F 

S 

s 

R 

15 

3< 

S4 

M 

12 

94) Madrid 
TSiManchstr. 
95,aeii»nrae 
79' Milan 

aiMomrc*! 

S 

C 

c 

s 

s 

-c 

27 

U 

14 
23 

15 

r 

91 

M 

57 

7.1 

59 

Outlook: 

showers. 

Sunny intervals and 
Becoming cooler. 

HOLIDAY RESORTS 



C 

19 

66 1 Moscow 

c 

3 

41 



Y'flay 1 


V'A«v 

c 

lfi 

si Munich 

F 

29 

«i 


mid-da>’ 

mIH.Hav 

s 

21 

70lNcvrcaslI° 

7 

lfi 

fit 



•t; 

•’Fi 


•n 

S F j 

c 

10 

65 K&x York 

s 

17 

S3 

Aiders 

s 

2fi 

78 ' Jerarv ■ 

s 

ID 

66 

c 

17 

S3 IqkIo 

R 

9 

48 

Biarrltr 

s 

73 

<1; Las Plms. 

s 

28 

S2 

c 

IS 

94: Paris 

S 

23 

73 

Blackpool 

c 

lfi 

fi! 1 Locarno 

s 

23 

7T? 

R 

IB 

Ml Perth 

c 

19 

fifi 

Rordcau 

s 

li 

7rlMaiop*» - 

s 

29 

5H 

S 

30 

Sfi! Pra/w 

13 

17 

(Cl 

Boulogne 

c 

IC 

hi Malaua 

Jj 

24 

78 

C. 

15 

MlRcPWarlK 

R 

fl 

43 

Casablnca 

S 

n 

99 Malta - 

F 

24 

■ •} 

s 

■’2 

72 1 Rio dc J‘n 

S 

29 

79 

Cape Town C 

15 

•79 Nairobi 

c 

21 

89 

F 

5j 

TO! Rome 

s 

24 

73 

Corfu 

s 

24 

75) .Vanles 

S 

24 

76 

R 

14 

57' Smfupor** 

c 

30 

Sfi 

Duhrovmk 

s 

24 

75i .\icc 

S 



n 

19 

fiS; Stockholm 

R 

7 

4.1 

Faro 

s 

nn 

•■^Nicosia 

5 

15 

77 

c 

-\S 

501 Strashrc. 

S 

22 

72 

Florence 

s 

22 

72| Oporin 

5 

215 

78 

c 

22 

72 : Sydney 

F 

1? 

64 

Funchal 

c 

25 

77 Rhodes 

s 

23 

7-1 

s 

29 

M 1 Tehran 

S 

32 

9(1 

Gibraltar 

s 

:a 

72; SaUbUTK 

F 

17 

83 

c 

M 

SI > Tel Avnr 

s 

SS 

73 

Guernsey 

c 

IS 

(Hi Tangier 

5 

31 

AS 

c 

3 

41 1 Tokyo 

c 

21 

70 

Innsbruck 

F 

21 

70 1 T»nerifc 

5 


SI 

c 

29 

7S 1 Toronto 

s 

19 

05 

Inverness 

s 

lfi 

6l! Valencia 

S 

M 

79 

c 

24 

74 1 Vienna 

R 

17 

63 

I. or Man 

R 

13 

53 , Venice 

F 

21 

7D 

s 

31 

SSl Warsaw 

c 

10 

91 

wnmmi 

s 

30 

8fi 




s 

21 

79 Zurich 

5 

21 

78 








s 

18 

Ml 




8-Snonr. 

F — Fair, G— Cloudy. 

R— Ram- 1 


other EEC steelmaker. The 
corporation has previously 
threatened to use its substan- 
tial industrial muscle in retalia- 
tion against what it considers to 
be disorderly behaviour by 
some other EEC producers. But 
this is the first time that threats 
have been followed by a con- 
certed plan of action. 

Relations between the British 
Steel Corporation and some of 
the other EEC companies have 
worsened in recent weeks. 
Charges and counter-claims have 
been made about .market pene- 
tration and pricecutting at a 
series of meetings of Eurofer. 

As the official “ club ” of EEC 
steelmakers. Eurofer is supposed 
to maintain discipline among its 
members and help enforce the 
rules and recommendations of 
the EEC for steel drawn up by 
Viscount Etienne Davignon, the 
EEC Industrial Commissioner. 

The British Steel representa- 
tives to Eurofer. Mr. Bob Scholey. 
deputy chairman and chief execu- 
tive. and Mr. Gordon Samhrook, 
commercial director, have com- 
plained repeatedly that West 
German. French, and Belgian 
companies are breaking secret 
Eurofer< agreements for regulat- 
ing the level of EEC steel trading 
ami flouting the Davignon pric- 
ing rules, by pushing a large 
volume of cheap steel into 
Britain. 

Imports of steel strip mill pro- 
ducts into Britain from other 
EEC countries in the first four 
months Of the 1978-79 financial 
year have been running at -an 
annual rate well over 2m tonnes, 
worth approaching £400 m. This 
represents the equivalent of 3.2m 
tonnes' a year crude steel pro- 
duction. 

This year British Steel is not 
expected to exceed a total crude 
steel production of 17m tonnes 
in all its sectors. 

The biggest tonnage increases 
or imported EEC strip mill pro- 
ducts have been in cold-reduced 
sheet and galvanised coated 
sheet. 


SNP may ask more 
for backing Labour 


BY RUPERT CORNWELL, LOBBY STAFF 


MR. CALLAGHAN is likely to duced the required 40 per cent 
have to offeT rather more than “Yes” vote, 
a toed date for a devolution By giving this second commit- 
referendum if he is to secure ment the Tory expect was try- 
the backing of the li; Scottish ing to dispel the lingering 
Nationalist MPs for the key suspicion that the Conservatives 
Queen s Speech division this in their opposition to devolution 
autumn and stave off . an early would find some way of avoiding 
general elecuon. activating the Assembly, what- 

Tnis is the main consequence ever the. referendum outcome 
of the pledge given in -Dumfries Equally deliberately, he was 
atthe weekend hy Mr,; Francis attempting to embarrass the SNP 
Pywi. Conservative devolution by making it more difficult for 
spokesman and Shadow -leader of them to vote with the Goveru- 
the Commons, that .* Tory ment on its new legislative pro- 
f G< ?r er H. men I ?*? uld hPPl e ff> ent gramme, and thus put off the 

i“ilf nfu Pr I?n! , ?i ns of ' s f° 1 ^ election that senior Tories are 
passed in the last convinced the Nationalists want 


land Bill 

session of Parliamenr. to avoid. 

Mr. pym promised that- if an The SNP remains deeply divi- 
election brought the Tones to ded on what course to adopt Its 
power, they would hold the MPs were emphasising last night 
referendum on March. 22, 1979. that the party would not haggle 
He also for the first time stated with the Government over the 
in public that his part? woald Queen's Speech contents, but 
feel bound to gn aheatLwitb the only make up its mind how to 
proposed Edinburgh Assembly, vote when it saw what specific 
assuming the referendum pro- measures were included:' • 


Continued from Page 1 

Finance Ministers 


station was clearly delighted There had been opposition to 
that, as a demonstration of this, a 50 per cent increase in quotas 
on Friday night Congress cleared aTld a substantial allocation of 
the way for final ratification of SJJJ® West Geraap, 

J w-ir !° ^ S Z 35 the SD * ail °«ti 0 B ^as con- 

called Witteveen supplemental cel7iedt from the j apanese . 

financing facility at the IMF. ' Herr Mattboefer, West German 
The Administration bad main- Finance Minister, said yesterday. 1 
tain'ed “that ft was unable to that Bohn favoured a 40 per 
commit itself to a substantial rent quota increase, and a 2-3bn 
further increase in IMF re- SDR allocation, whereas Japan 
sources, while Congress was still had expressed concern about the 
looking askance at a past pledge, “linkage” between a quota in- 
However. with the. Congressional crease and the SDR allocations, 
action under its belt,' Mr. Michael _ As late as yesterday afternoon 
Blumenthal, U.S. Treasury Secre- it was still thought possible that 
tary, was able to back -the final action would have . to be 
proposed increases at a - private deferred to the next meeting of 
meeting yesterday of tiie Group the interim ' committee next 
of Five major industrial nations, spring. 



The objective of the -explora- . 


tory discussions ^announced 
today between C T. Bowling 
and Marsh and: McLennan is 
nothing less then the creation 
of the first truly international 
insurance broking business. In 
terms of profits. Bo wring isjost 
about the biggest broker hi t be 
UK, while Marsh and McLennan 
—which is more than twice. its' 
sire — is far and away’ larger 
than any of. its competitors' In 
the ]U-S. They are now piss- 
ing to pool' all their, worldwide 
insurance interests. • . ; ; • 

The initiative ... came .from 
Bowring. and arbse from . its 
conviction that the ' world’s 
broking business would by the 



Vchiitfte . ttttl.Sts 

relatively dull' performance 

{ " feceUt years. -’V 

ftir ^ 

over .8 uer ceta.^ as ju>r4- 
see the relative ' twefce weakiu 
. being takeu-^ttch fuhfier. : .. 

MaibTs parang 

Have Madbl’s - ftS 

- bat? is thec-arst QTjesfi 
that, has- to be asfefed iplfowt 
the news that Midland ’% '■ 
J- IntenmtiOBal 1 Bsi*s r0ttabi; i * 

short) has sold its shareheidid * 
tn' , at least two ,df : its paseir 
The- fact thaR s consortit 
bank owned share^in its bi 



end of the century be dominated v;0 5 k out mu ch better on 
by a handful of companies pspet ^ ^ practice, as 


trifle' odd and it cpoJdJbe aigu 
tiiat the move i^no more'"' 1 


- Tlnnlnn will ^ ur.uu mure in 

equipped for the needs of their ^ oI t de ” 00 «;hi?Sv nf L lirtk * tidying up operation 
multinational clients. Although ® ut t ^ le p0SSlblij ^ a jm . 


multinational clients. Although u. e ^ wiU net Maibl a teudsome 

« s b^SS 'StLSS’SS^L SSVSS i « » -X? 


comes ^ Nortb «) isrsn 


Bowring has no network- of 


nui luLuuiv ii«a iutru ux _ , r > - ' t . 

15 per cent compound in S 


offices in the U.S. Its ambitions -r £ *£&**»+> 

_ r _ .. . _« -.holders had not at some Z-> -~ 


require an important presence . . „ 

there. Just u Marsh ml Bownne no harm at alL ttein*el«ir-,*!iiit ii' -a . 

McLennan needs a strong foot* »,,» i from" the- dlvMraiL/'Siey 

bold in tne London jnarket Allied BrewenCS getting out -nf-thetefi^^e ‘ 

This emphasis on- interna- With Lyons safely in the bag, in London's oldest consortiu 
ttonai development follows the city analysts are sharply divided bank. - . -.’ 7 „ 

pattern set by toe . insurers about the merits ‘of -Allied ■ SiiiceMaJbV wa £ established . 
themselv es. Insurance- cbm- Breweries* shares. Although a±1964 the international" banki; 
panies these days are much least tw’o brokers’ tirculars over 7 market has chan^d dramiit 
keener than ever before : to the weekend argued that aHy. _ Jffaibl's brief, was _ ■ 
poach on toe preserves Of the marked price weakness ^edalise in jueiEumitenn eui : 
foreign markets, and their s jnce the bid was announced has currency lending— sonjethlng 
domestic clients are also prtr been taken too. far, the;. bears, parents JsnewOitfie ^bbuUSm 
pared to take their business to have the upper hand. , then toey have leamt a lqt, ai 
-oreign markers. Growto in Friday’s 4p fall to.SWp put; likejall, international ' * 

premiums written in Europe the combined capitalisation af pow comj«te aggresavely f, 
and North America has trailed Allied and Lyons down to under iuedium term -Jendiilg. ; Coot; 
well behind the rest of toe 5490 m. compaiediwith £52Tm quent^itiamf^uiflikely tlu 
wo r.q ov er tne last decade. - j ust before - toe bid was given the choice. Midlapd Baa • 

Bowring stresses that what- announced. In a period when Standard £2«urtered, Tordn 
ever happens nothing will be share prices, -generally '’starve: Doininion7and CpmmereialBai 
done to disturb its relation- been firm, this means that -toe: of 'Australia, would set up - 
ships with other brokers and premium pjtid to Lyons has-r-so bank like WfaiW todag 1 . 
insurers. It could not afford far, at at^ rate — come straight Maihl. mighjt be better able. 1 
10 . since although Marsh and 0 ut of / ‘Allied sharebolders’ justify itsr^nktence if il ctri$sc ;3 7?+'-? S 
McLe naan’s reinsurance brok- sockets.* . . demonstrate- an- above.^ '-avem ” . - 



dominant influence on toe c^ortcomingx at Lynns. " Then profitable it ^.but there 'ff 
group as a whole. tiere is the fact that" food manu- grounds- for belietuig that it-' 

Tne idea is that a new group- fteturers generally, ' and Lyons not as profitable * as its sb ar. 
ing will be set up on toe lines A particular. . have recently holders. - Overrtoe past seW .: ; 
of Unilever, which is linked rated noticeablylower tbau years its profits; have slight 
primarily by an equalisation the'Prtiwing sector ^by the stock xnoto thaii ^^Jloubfa^v^bfle'-'ISiS 
agreement covering drsidends mar%t. And by the standards assets have groWpT.some^'Iu . 
and shareholders’ rights. Both of the competition, the bid less: , By ionQa^ .the profiv . 
groups would retain their sep- leaves Allied with high borrow- .and assets tif lpdlaBd^ank an 
arate identities and their ingratio.s Standard.' 1 . Oiariered haj 

current domiciles: neither However financial gearing wU) roughly ; 
would control toe other, and no accelerate toe trading recovery .period. 
shares would change hands. But which is already under way at Toronto .v Domtnlqiii . Vthey : ba* 
trading activities would he co- Lyons, -judging by the forecast mord thtm.qilRdruifllid.' Soobc 
ordinated in whatever way that Allied's earnings -will rtot- or 2Eve. not. asJw ■' 

seemed 


in whatever 

•emed appropriate around the be diluted by the deal: The out- the question .jbeafas -'IfadbW n 
orld. and earnings would be look; for Allied’s substantial parents jU’e going Rr hare ;U* ^ ~ ^ ^ w « 

pooled and distributed wines and spirits business is ask 'toemsefresvwftrt'- 7 they ■ -- 

Of course international unions promising, and there js ’a good doing tog^hjer? - ; rj.yy: ' - . £ ■ ■ " 


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M C ALPINE AVIATION’S 


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^Welcome aboard. This is one of the.magnifieent. i'Jii: /: # • 

ii^^usinesS jdtainM c Alpine Aviatioirsbigfle^. 7 ; ' h- 

fs^ritam’s largest operator of executive aircraft— - - - - - t'- f 


tandd 

Marketing Mana^r John Kee 


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Rermwed ai uic Poa Office. ITBtdLtar St CbawaCa Breag ter Jn rA w.^ . 
kr.H* Kinanaal »mes Lufc;-todten House, Canooa Smtt*. . Loudon. . V ^ 
T - • x&nax 'nnuxJktL. j 


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